Oil Price Crunch: Taiwan Pledges To Boost Trade With Nigeria

Posted by African Examiner Business News, Latest Headlines Saturday, February 7th, 2015

By Eric Ojo – As Nigeria grapples with the fears and pains of the current decline in the price of crude oil at the global market, the Taiwanese government has pledged to promote increased bilateral economic, trade and investment relationship between Nigeria and Taiwan.

Director Trade, Minister of Trade Olusegun Aganga and Morgan Taiwan

The Taiwanese government said the decline in the price of crude oil in the global market is having a negative impact on the Nigeria economy, adding that Taiwan, being a good friend of Nigeria, will like to lend its support to at this crucial moment.

The Representative and Head of Mission of Taiwan in Nigeria, Mr. Morgan Chao, who made the pledge at a meeting with Nigeria’s Minister of Industry, Trade and Investment, in Abuja, stressed the need for both countries to partner and work together with a view to increasing economic ties between the two countries.

“So, if both countries cooperate and work together to increase our trade volume, it will be a win-win situation for us. And as the Representative and Head of Taiwan’s Trade Mission in Nigeria, I want to promote increased bilateral economic, trade and investment relationship between Nigeria and Taiwan. I will also persuade my government on the need to buy more goods, especially crude oil and gas-related products from Nigeria”, he said.

Mr. Chao noted that Nigeria was a strategic trading partner to Taiwan, given the country’s abundant human and natural resources He added that the Taiwanese government is currently seeking ways of increasing economic ties with Nigeria, especially, in the areas of trade, investment and skills development.

He however lamented that the volume of trade between Nigeria and Taiwan was decreasing. In 2012, according to him, the trade volume between Nigeria and Taiwan was $1.6 billion, in 2013, it was $1.2 billion, but last year, it was $800 million only. This shows that the trade volume between Nigeria and Taiwan is decreasing.

“Therefore, we need to do more to be able to increase the bilateral trade volume between Nigeria and Taiwan. We are known for our cutting edge manufacturing and industrial products while, on the other hand, Nigeria is renowned for its abundant raw materials and natural resources such as crude oil and agricultural products”, he further noted.