•Says bilateral trade hits $395m
By Emma Emeozor
During his political campaign in the South East last year, President Bola Tinubu said if elected, he will make the region Nigeria’s “Taiwan.” In this interview with Daily Sun, Nigeria’s Trade Commissioner in Taiwan, Mr Dipo Adegoke, explains the importance of Nigeria’s bilateral relations with Taiwan and his expectations from the South East Asia Island’s new government, which will be inaugurated on May 20, 2024. Excerpts:
Taiwan’s new government will be inaugurated on May 20, 2024. What are your expectations?
Here are some expectations from Taiwan’s new government by Nigeria Trade Office in Taipei: Enhanced Bilateral Relations: Strengthened economic ties, including increased trade and investment opportunities and promotion of economic and cultural interests. Also, we are looking forward to seeing stronger cooperation in the areas of business opportunities, tourism, and cultural exchange.
Is this to say you foresee improved bilateral ties between Nigeria and Taiwan? There could be potential for improved economic collaboration despite the absence of official diplomatic relationships, particularly in trade, investment, technology transfer, and cultural exchanges. Because Nigeria adheres to the “One China” policy, major advances in formal diplomatic relations may not occur anytime soon. However, there may still be potential for cooperation and collaboration in other sectors, which might contribute to better relations between the two.
Volume of trade between Nigeria and Taiwan the end of the first quarter of 2024
From January to December, 2024, Nigeria and Taiwan’s bilateral trade increased, reaching a total of USD395 million. Of this figure, Nigerian exports to Taiwan accounted for USD208 million, while Nigeria imports from Taiwanese accounted for the remaining USD187million. The figure has been rising. This suggests that trade and economic relations are on the upward trend.
Items imported from Nigeria to Taiwan and vice versa
The overview of the bilateral relation between the two indicates that the main products exported to Taiwan from Nigeria include crude oil, petroleum gas, lead, oil seeds, crustaceans, vegetable fats, chocolate, ivory, precious stones, hides and skin, sea food, cow horn, ginger, natural gums, resins, spices, hibiscus flower, cassava chips, other, soap, locust beans, timber, electronic integrated circuits, etc.
On the other hand, the major products imported into Nigeria from Taiwan were industrial machinery and equipment, machinery for making rubber or plastics, machine tools, motor vehicle and vehicle accessories and spare parts, communications and information technology products, waste oils, flat-rolled products of iron, oxygen-function amino-compound, molding boxes for metal foundry, printing machinery, automatic data processing machines, polyacetals, spark-ignition reciprocating, synthetic rubber and factice derived from oils, etc.
Would you say that bilateral trade and investment between Nigeria and Taiwan is encouraging?
Post COVID 19 era indicates that bilateral trade and investment between Nigeria and Taiwan is growing appreciably.
As at today, what is the status of the new Trade Protection Investment Agreement between Abuja Chamber of Commerce and Taiwanese Trade Agency and by extension the MoU between Abuja Chamber of Commerce and Taiwanese Trade Agency? There were also talks about signing MoU between Lagos Chamber Of Commerce with Taiwan Trading Council. What happened?
This proposed Trade Protection and Investment Agreement and other MoUs are at the negotiation stages.
What Nigeria can benefit from Taiwan
Taiwan is renowned for its proficiency in cutting-edge manufacturing processes, especially in the fields of precision engineering, electronics, and semiconductors. Nigeria could acquire up best practices in innovation in technology, quality control, and efficient manufacturing procedures. Taiwan makes large investments in R&D, which spurs innovation and the production of technologically advanced products. Nigeria could look into collaborating on R&D projects with Taiwanese universities to create new products.
During the presidential campaign in Nigeria, President Bola Tinubu pledged to make the South East Africa’s “Taiwan.”The impression created at the time was that he will make South East, particularly Aba an industrial hub by deploying Taiwan’s industrial (manufacturing) expertise to the region. Has the Tinubu–led administration asked you to initiate moves on how to deploy Taiwan technology to the South East?
The Federal Ministry of Industry, Trade and Investment have been having discussions with The Taipei Trade Office in Nigeria on strategic ways of deepening trade and investment between Nigeria and Taiwan generally.
During a previous interview, you drew attention to the fact that Nigeria’s Trade Office in Taiwan operates from outside the capital, Taipei. Why would Nigeria, the Giant of Africa, allow its office to operate from outside the capital? Why is it difficult to address the problem appropriately?
The movement of the NTO Taipei to New Taipei City was due to reciprocal actions of both sides and the main issue is diplomacy.
In the area of cultural exchange, what has the Nigeria Office in Taiwan achieved?
Also, how is the traffic between Nigeria and Taiwan, I’m thinking of the number of Nigerians that travel to Taiwan on business, cultural, health and educational trips and the number of Taiwanese that travel to Nigeria for the same reason.
The area of cultural exchange is still evolving. The number of Nigerians travelling to Taiwan is increasing year by year. There are currently more than forty (40) Nigerian students studying in various fields including Medicine, Neuroscience, Public Health, Cell Therapy and Regenerative Medicine, Engineering Information and Communication Technology, Business Administration and Chinese Language, etc. twenty (20) of the students are PhD, 6 Master Degree, 1 post graduate Degree in Medicine, 2 Bachelor Degree programmes and 3 Chinese Language students. Both the PhD and Master Degree students are on full Taiwanese ICDF scholarship. The Office is constantly in touch with the students and offers non-financial assistance to them when required.
What are the challenges or bottlenecks that should be addressed to create the necessary enabling environment for more robust bilateral relations between Nigeria and Taiwan? The Economic ties between Nigeria and Taiwan is greatly beneficial to both. The Federal Ministry of Industry, Trade and Investment and the Taipei Trade Office in Lagos are working together to ensure stronger ties.