LITF 2018: Japan Seeks more Opportunities to Invest in Nigeria

By October 29, 2018 Investment News

Counting on the dividends of previous participation in Lagos International Trade Fair, Japan through its external trade organisation, JETRO in Nigeria, seeks mammoth opportunities to invest in Nigeria, considering the country as the biggest market in Africa, even as its 30 brands line up for exhibition at the forthcoming the Lagos Trade Fair starting on November 2 to 11, 2018.

Speaking at the press briefing in Lagos, Trade Commissioner/Managing Director, JETRO, Lagos, Shigeyo Nishizawa said that JETRO activities started in Nigeria in 1955 and recently they are focusing on promoting investment and facilitating trade from Japan to Nigeria.

According to him, JETRO is organising the Japan Pavilion at the Lagos International Trade Fair 2018 in collaboration with Embassy of Japan which will be one of the biggest at the Fair. “Japanese companies, as well as agents and their local distributors with more than 30 Japanese brands will be showcasing their products and technologies to Nigerian business officials and citizens representing the quality and reliability of Japan for the 10 days event.

Continuing, Nishizawa said, “Exhibitors during the trade fair include, Panasonic, Koncept Autocentre (partner of Isuzu Motors), Canon Central, and North Africa, R.T. Briscoe Nigeria, Massilia Motor, Kaneka Corporation, Denka, Brother International, HONDA, CFAO Yamaha Motor Nigeria”, etc.

Nishizawa said that JETRO promises all encompassing moments during the Trade Fair which will draw the attention of beautiful women, “Made in Japan, Made for Women” zone, which will introduce Japanese products and services helping to enrich women’s lives with more fashionable and convenient items. “Such products like cosmetics, hair wigs, shampoo, sewing machines, headphones, nail paint, processed foods, seasonings, etc. will be exhibited”.

“This can help to boister trend and particularly effective platform for introducing new product choices to the region. It offers incredible insights and a glimpse into the future of the beauty and wellness industry across the region and beyond”.

“Nigerian import from Japan in 2017 slightly decreased by 1.6% to USD 320.8 million from 2016 while export to Japan decreased by 7.5% to USD 783.1 million. Trade declined between both countries from 2015 to 2017 due to decreased natural gas import, slim harvest of sesame seeds in Nigeria and weak demand for some goods.

However, despite the economic recession and the slowing down of the trade, numbers of Japanese companies in Nigeria have strong interests in Nigerian market. In fact, the number of the Japanese affiliated companies in Nigeria has increased by four in 2016 and by one in 2017”.

Nishizawa further said that the activities of Japanese companies in Nigeria are contributing to Nigeria’s economic development and growth. “They create jobs, educate staff, transfer technology and share values of Japanese craftmanship, which is the key agenda of the Federal Government and its Economic Recovery and Growth Plan (ERGP).

Source: Vanguard