In Lagos, Taiwan’s Chief Diplomat, Andy Yih-Ping Liu, urged Nigeria to renew its 1994 trade agreement and sign an investment protection deal.
He emphasised the potential to expand beyond the $400 million trade value and attract Taiwanese businesses, particularly in sectors like green energy.
Chief of Taiwan’s Mission in Nigeria, Andy Yih-Ping Liu, has urged for stronger trade ties between Taiwan and Nigeria, calling for the renewal of a bilateral agreement and the signing of a new trade promotion pact.
During a recent discussion with the press in Lagos, Liu pointed out that trade between the two nations totalled $400 million in 2023, a figure that pales in comparison to China’s $226 billion trade with Nigeria.
However, Liu emphasised that Taiwan’s products stand out for their quality, not volume, which has earned positive feedback from Nigerian traders.
Liu stressed that attracting more Taiwanese businesses to Nigeria was crucial.
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He explained that the renewal of the 1994 investment protection agreement, which had been under negotiation for some time, was a necessary step in this process.
According to Liu, although the negotiations are nearly complete, the agreement still requires formal signing.
This, he believes, will demonstrate Nigeria’s commitment to long-term investment and trade with Taiwan.
Moreover, Liu proposed reintroducing annual government consultations between the two countries.
These consultations, suspended since 2015 or 2016, were previously a valuable way to align trade interests and explore new opportunities.
While Liu has received support from Nigeria’s Ministry of Industry, Trade and Investment, he acknowledged that the agreement was still awaiting approval from Nigeria’s Ministries of Foreign Affairs and Justice.
Nevertheless, he remains optimistic that, with continued government collaboration, the agreement will soon be signed, fostering a foundation for increased trade and investment in areas like green energy.
