Trade volume between Nigeria and Japan hits $1 billion a year

The annual volume of bilateral trade between Nigeria and Japan amounts to one billion dollars.

This was revealed by Japan’s Ambassador to Nigeria, Matsunaga Kazuyoshi during the 2nd meeting of the Japan-Nigeria Business Facilitation Council on Friday in Abuja, according to NAN.

Nigeria’s agricultural exports to Japan have found a stable niche market as its sesame seed exports now account for 40% of the sesame seeds consumed in Japan.

What they say

The Japan-Nigeria Business Facilitation Council meeting was the second held since the Japan-Nigeria Business Facilitation Council (JNBFC) was held in Lagos in February 2020.

Mr. Kazuyoshi, who said the trade volume between Nigeria and Japan is now $1 billion a year, said that “The volume of trade includes imports of liquefied natural gas (LNG) and agricultural products like sesame seeds from Nigeria.

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It also extends to exports of machinery and cars from Japan to Nigeria.”

The Ambassador added that 40% of sesame seeds consumed in Japan were grown in Nigeria.

He also highlighted the importance of the meeting, citing that currently 47 Japanese companies are operating in Nigeria, stating that the meeting was key in coming up with solutions to some of the challenges companies were facing with the Nigeria Customs Service, the National Agency for the Administration of Medicines. and control (NAFDAC), foreign exchange and logistics.

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The Executive Secretary/Director General of the Nigerian Investment Promotion Commission (NIPC), Ms. Saratu Umar, has urged other countries to emulate the Japanese model and develop such bilateral councils.

We have a good working relationship with the Japanese Embassy and will maintain it to ensure that we work together to provide assistance to all Japanese companies doing business in Nigeria.,” she says.

She said Nigeria has created a similar platform called OSIC Lab, leveraging the existence of ministries, departments and agencies under the One-Stop Investment Center, which provides a one-stop solution for resolving investor issues with government agencies.

I think this will complement the work we are doing in the Japan-Nigeria Business Facilitation Council.,” she added.

What you should know

  • Nairametrics reported that Nigeria’s agricultural exports jumped 57.02% to 504.9 billion naira in 2021 from 321.5 billion naira the previous year, which is also the highest agricultural export income. highest ever recorded.
  • Sesame seed exports, which increased in 2021, were estimated at N113.2 billion, which is higher than the N98.27 billion recorded the previous year. Sesame seed exports accounted for 22.4% of our total exports during the period.
  • Sesame seed comes from a flowering plant mainly grown in northern Nigeria due to the drought resistant nature of the seed and used as a source of sesame oil which is the most demanded vegetable oil in the world due to its zero cholesterol content.
  • Nigeria’s foreign trade rose to 13 trillion naira in the first quarter of 2022, up 11.1% from 11.7 trillion naira recorded in the previous quarter and up 65.4% from 7.86 trillion naira. nairas recorded in the first quarter of 2021.
  • The improvement in Nigeria’s merchandise trade is due to the increase in crude oil export earnings during the quarter under review. Specifically, Nigeria’s crude oil revenue increased by 31.66% quarter-on-quarter to reach N5.62 trillion in the first quarter of 2022, with total export revenue increasing by 23.13% , falling from N5.77 trillion recorded in the fourth quarter of 2021 to N7.1 trillion in the first quarter of 2022, against a 0.67% decline in the import bill to N5.9 trillion in the same quarter. This resulted in a positive trade balance of N1.19 trillion, the first since the second quarter of 2021.