Japan’s optimism about Nigeria’s economic prospects shines despite the tough business environment. Takashi Oku, the Managing Director for the Japan External Trade Organisation (JETRO), affirmed this at the 2023 Lagos International Trade Fair.
Oku urged Nigeria’s leadership to develop policies that are focused on growth. The increased presence of Japanese companies at the fair, up to 33 from 19, signals a deepening economic bond.
With 51 Japanese firms in Nigeria, the trade ties are expanding, Oku said. He recognized the trade volume as modest but noted increases. Nigerian exports to Japan rose to $1.25 billion and Japan’s imports to nearly $248.6 million in 2022.
According to a report by This Day Live, the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, also spoke, praising Nigeria’s vast potential. He emphasized the critical role of trade and investment in driving economic gains and job creation.
“Nigeria’s enormous resources and vibrant culture are attracting global interest,” Kazuyoshi said. He hailed Lagos as Nigeria’s business heart and a gateway for foreign investment, boosting Africa’s economic standing.
The trade fair is a testament to Lagos’s strategic role in Africa’s economy, he added. Japan’s dedication to enhancing economic relations with Nigeria was evident in the strong showing of Japanese companies at the fair.
“Japan’s resolve to support Nigeria’s economic diversification and growth is clear,” Kazuyoshi assured.
