The Chief of Mission, the Taiwan Government in Nigeria, Andy Liu, yesterday, stated that the trade volume between Nigeria and Taiwan stood at $500 million in 2023.
Speaking on the sidelines of the 2024 Taiwan Business Forum in Nigeria, he stated that the trade volume declined from $1 billion in 2021, to $500 million after imports from Nigeria matched Taiwan’s demand for imported agricultural products from Nigeria.
According to him, Taiwan was a net importer of Nigeria’s agricultural products especially sesame seeds, maintaining that despite the decline in trade volume, Nigeria still remained a destination for Taiwanese businesses.
In his words, “The highest peak of trade reached about $1 billion in 2021. It was the peak of the COVID 19 with Nigerian enjoying a trade surplus trading with Taiwan. We imported more of Nigeria’s agricultural products such as sesame beside from oil related products. “In 2021, we had a huge demand for agriculture products for our food processing industries.”
“In 2022, the trade declined because the provider of the Nigerian food products had already matched our demand, so from 2022 to 2023, we experienced a decline to about $500 million which is still a great value because both countries are still trading.”
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