The Chief of Mission to the Taiwanese Government in Nigeria, Andy Liu, has said that the value of trade between Nigeria and Taiwan has dwindled to $500m in 2023, from $1bn in 2021.
This was disclosed by Liu recently in Lagos while speaking at the 2024 Taiwan Business Forum in Nigeria, according to the Punch.
Liu said that Taiwan was a net importer of Nigeria’s agricultural products, particularly sesame seeds.
According to the envoy, Nigeria remains a destination for Taiwanese enterprises despite the decline in trade volume.
He said “The highest peak of trade reached about $1bn in 2021. It was the peak of COVID-19, with Nigerians enjoying surplus trading with Taiwan. We imported more of Nigeria’s agricultural products, such as sesame, aside from oil-related products. In 2021, we had a huge demand for agricultural products for our food processing industries.
“So, from 2022 to 2023, we experienced a decline to about $500m, which was still a great value because both countries were still trading. So, we might see some level of increase in the near future.”
He said Taiwan had suffered from all kinds of counterfeiting and piracy around the world, complaining about high levels of adulteration in Taiwanese products.
The envoy said that the Government of Taiwan sent representatives to different parts of the world to show its products’ quality, to deal with this challenge.
“We have been having our delegates visit the world to prove that we are victims of piracy, but we are going to use the platform to show that we have good and quality products to let the world know who the true providers of these quality goods are.
“We are very glad to come to Nigeria to demonstrate who is the true owner of quality brands. The most unfortunate thing is that counterfeiters always come to different countries and run away when they have made their profits, but our suppliers would stay to provide good quality products but also provide after-sale services,” he stated.
Liu said Taiwan came to provide services and also guarantee the quality of its products.
Meanwhile, the President of Globe Industries Corporation, David Hwang blamed the decrease in profit margin on an influx of counterfeit Chinese products.
He expounded “Our businesses are going down because of counterfeited products. We found out that these adulterated products are cheaper than the original products and this is hitting deep into our profit margins.
“We are here to find partners so that we can do business in a different way that will benefit both international and local businesses.”
On the other hand, the Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Sola Obadimu said one of the key characteristics of the Taiwanese was their focus on African businesses, adding that the quality of their products was guaranteed.
Obadimu added, “We will continue to interact with Taiwanese companies while we would also work behind the scenes.”
