Takuma Taninami, managing director of the Japan External Trade Organization, said the current business relationship between Nigeria and Japan is not enough.
According to him, considering that Japan is the third largest economy in the world, Japan and Japanese companies have not yet fully exploited the huge market in Nigeria.
This was stated by the JETRO boss at the Japan Pavilion at the ongoing Lagos International Trade Fair 2022.
At this year’s LITF, 19 companies are exhibiting at the Japan Pavilion, covering the automotive industry or high-tech mechanical components.
Referring to Nigeria’s commercial relations with Japan, he said: “We JETRO, the Japan External Trade Organization is well known as the Japanese governing body that promotes trade and investment between Japan and the rest of the world. JETRO Lagos was established in 1955. , We have been working hard to support various businesses between Nigeria and Japan for over six years.
“When we refer to Nigeria’s commercial relationship with Japan, Nigeria’s exports to Japan in 2021 are about $760 million, while Japan’s imports to Nigeria are worth $287 million.”
Taninami said Nigeria’s main export to Japan is LNG, which accounts for about 70 percent of all exports.
He added: “The number of Japanese companies in Nigeria is also increasing. In 2014 we had only 21 Japanese companies, but today we have double the number that will exceed 45 in 2022.
“It’s worth noting that we have recently had several Japanese-run venture capital funds and startups in Nigeria. Today, Nigeria’s emerging innovative startups are attracting more investment from Japanese businessmen who are stepping into the field.
“Not only venture capital funds, but also trading companies and manufacturers are looking for opportunities to partner with Nigerian startups.
“However, if we consider Japan as the third largest economy in the world, the current commercial relationship between Nigeria and Japan is still insufficient. This avoids the fact that Japan and Japanese companies have not yet understood the huge Nigerian market.”