The Japanese government has declared that the number of investors from Japan investing in Nigeria has increased over the past year and when goods manufactured in Nigeria by these investors are exported, it will ultimately boost the volume of Nigeria’s exports.
Making this declaration during the just-concluded Lagos International Trade Fair, the Trade Commissioner and Managing Director of Japan External Trade Organisation, Taku Miyazaki, said the discovery of Nigeria as the biggest economy in Africa had inspired more and more Japanese companies who were eager to tap into the lucrative Nigerian market.
According to the JETRO managing director, which is a Japanese government’s body promoting trade and investment between Japan and other nations, a number of Japanese companies are keen on expanding their business in Nigeria adding that their highly advanced technology and durable quality products are cost-saving as well.
He mentioned some Japanese companies who were already established in Nigeria including Yamaha Motors, Olam International of Singapore, and Isuzu Motors among others.
He said, “They are not just making and selling their products here in Nigeria. They create jobs, educate staff, transfer technology and share values of Japanese craftsmanship. I believe they can serve to develop the Nigerian manufacturing sector and contribute to diversification of its economy.
“Nigeria gives priority to the development of infrastructure and there are many Japanese companies in that sector. There will be potential for exports and when Japanese products that are manufactured in Nigeria are exported to other countries, that will boost Nigeria’s export volume.”
Miyazaki, whose pavilion featured 30 Japanese companies and was rated as the biggest at the trade fair, stated that his team was very happy to successfully organise the pavilion to mark the 60th anniversary of JETRO’s establishment in Nigeria.