Guaranteed foreign exchange access will boost Nigeria’s economy -Japan

The Japanese government has said that if Nigeria can guarantee easy access to foreign exchange, it will boost the economy.

The Managing Director and Trade Commissioner of the Japan External Trade Organization, Takashi Oku, at the recently concluded Lagos International Trade Fair, acknowledged the low level of trade between the two countries and said plans were being implemented. Increase the volume of trade.

He said, “Foreign companies and Nigerian companies are struggling to get foreign currencies. Investors should be guaranteed easy access to foreign exchange to grow Nigeria’s economy while encouraging foreign direct investment.

The JETRO boss said 50,000 visitors visited the country’s pavilion on the level of support it received at the fair. The number of Japanese companies at this year’s fair has nearly doubled from 19 in 2022 to 33 in 2023.

“The attendance of Japanese exhibitors at this fair has been steadily recovering since Covid-19 19, and this year’s fair attendance is double what we had last year, which is a record for us.

„We will try to introduce more Japanese products and services to the Nigerian people and we also have some joint ventures with Nigerian companies, so we are looking forward to more cooperation and partnership with Nigerian companies. We are also looking at investing in Nigeria’s food and machinery sector,” he said.

Also speaking, the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, said Nigeria has a huge economy, abundant natural resources, growing human resources and a rich culture.

Kazuyoshi said the international community is paying more attention than ever to Nigeria’s potential.

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He added that trade and investment play an essential role in achieving economic growth in Nigeria.

„They act as catalysts for job creation, higher productivity, access to capital, learning and innovation and expansion for technology spillovers. In this context, Lagos is the gateway to attract foreign investment to Nigeria and the Lagos International Trade Fair 2023 is a unique showcase of the momentum for growth through trade and investment,” He added that.

He said Lagos is the most exciting business hub in Nigeria, adding that Nigeria is the strongest economic hub in Africa.

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