Nigeria, Taiwan Strengthen Economic Ties Through Strategic Collaboration

Mary Nnah

The 2024 Taiwan Trade Business Forum, organised by the Taiwan External Trade Development Council (TAITRA), successfully concluded on May 13th at the Radisson Blu Anchorage Hotel in Lagos, Nigeria. The forum aimed to boost bilateral trade relations between Taiwan and Nigeria and explore new business opportunities, further solidifying the economic partnership between the two nations.

The event brought together a distinguished audience, including His Excellency Andy Yih-Ping Liu, Taiwanese Ambassador to Nigeria; representatives from the Taiwan Trade Centre Lagos, the overseas branch of TAITRA; Olusola Obadimu, Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA); Collins Nwosu, Trade Ambassador, International Trade Facilitation Association (ITFA); esteemed Nigerian dignitaries; and members of the press. This gathering provided a platform for Taiwanese companies to showcase their products and expertise, sparking valuable dialogues and potential partnerships.

Taiwan, recognised as the world’s 17th largest exporter and importer of merchandise by the World Trade Organisation in 2022, is a global powerhouse in the manufacturing sector. This leading position is attributed to a strong focus on innovation and technological advancement, particularly in information and communication technology (ICT). The Taiwan Business Forum in Lagos exemplifies Taiwan’s commitment to expanding its global presence and ensuring continued visibility for its top-tier exporters.

In his opening remarks, Cris Lin, a representative from TAITRA, emphasised the importance of building closer trade ties between Taiwan and Nigeria.

“The main point of promoting trade between Nigeria and Taiwan is to raise awareness of Taiwanese products among Nigerian consumers. Our products are known for striking a perfect balance between a reasonable price and excellent quality, which Nigerian consumers prefer,” he stated. His Excellency Andy Yih-Ping Liu, the Taiwanese Ambassador to Nigeria, further underscored the significance of bilateral relations. “Taiwan’s population is roughly the size of Lagos State, but we lack the natural resources abundant in Nigeria. Conversely, Nigeria’s strength lies in its resources, while Taiwan’s advantage lies in its human capital. We believe a symbiotic relationship, combining our strengths, can lead to a powerful trade partnership,” he stated.

Nine leading Taiwanese companies participated in the forum, including Well Electronics Co. Ltd, Lien Chiny Enterprise Co. Ltd, Easywell Water Systems Inc., Mobiletron Electronics Co. Ltd, Ou-Dean Foods Factory Co. Ltd, Yu Tong Steel Co. Ltd, Shuz Tung Machinery Industrial Co. Ltd, Globe Industries Corporation, and Voltronic Power Technology Corp.

These companies are renowned for their high-quality products, cutting-edge technologies, and established reputations in the Taiwanese and international markets.

Director-General of NACCIMA, Olusola Obadimu, commented on the benefits of working with Taiwanese companies. He said, “I have only good things to say about Taiwan, and I urge everyone here to see that working with Taiwanese companies will benefit us. We can’t lose, and you’re sure of the qualities you will get.” The forum showcased Taiwan’s excellence in technology and products, further demonstrating the strength and competitiveness of Taiwan’s manufacturing industry.

The advanced technology and high-quality products offered by Taiwanese companies have the potential to significantly support Nigeria’s industrial and manufacturing development. Through this strategic collaboration, Nigeria can leverage these advancements to propel its economic growth and solidify its position as a leading African economy.

Established in 1970, TAITRA is Taiwan’s foremost nonprofit trade-promoting organization. Sponsored by government and industry organizations, TAITRA assists enterprises in expanding their global reach. Headquartered in Taipei, TAITRA has a team of 1,300 specialists and operates five local offices and 60+ branches worldwide. In conjunction with the Taiwan Trade Center (TTC), Taipei World Trade Center (TWTC), and Far East Trade Service (FETS), and supported by alliances with 500+ international affiliates, TAITRA has formed a global network dedicated to promoting world trade. TAITRA’s five local branch offices in Taoyuan, Hsinchu, Taichung, Tainan, and Kaohsiung provide services to companies outside metropolitan Taipei. TAITRA has established an office in Lagos, Taiwan Trade Centre Lagos, since 2006.