Exports from Nigeria to Japan in the first six months of the year decreased by 70.1percent due to foreign exchange crisis and the lower price of natural gas, Taku Miyazaki, Trade Commissioner and Managing Director of Japan External Trade Organization(JETRO) said.
He spoke at the ongoing 30th Lagos International Trade Fair and Exhibition, where he said trade exchange between the two countries plummeted in the last one year.
He said:’’Imports from Japan to Nigeria and exports from Nigeria to Japan in 2015 marked significant decrease of 50.4percent to USD 358.7million and 37.3percent to 2,829.0million respectively due to the forex scarcity and the lower natural gas.
He said in spite of the challenges, there has been increasing trend of manufacturing in Nigeria in the past couple of years among the Japanese companies.
He said:”Although Nigeria is in the midst of a severe economic recession,many of Japanese companies are still eager to tap into this attractive market or expand their business here in Nigeria”.
He pledged the readiness of Japanese to use its technology-know how to aid Nigeria’s diversification efforts.
Taku,who praised the federal government for its stride in restoring the nation’s economy,expressed the need for the federal government to enthrone more transparent policy in resolving forex crises.
He also charged the federal government to improve on infrastructure,fights corruption to standstill as well as encourage a more favourable business environment for investors.