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Tuesday 22 June 2021
HomeNewsNigeria: Japan-Nigeria trade volume hits US$5b

Nigeria: Japan-Nigeria trade volume hits US$5b

The volume of trade between Japan and Nigeria has hit US$5 billion annually, according to the Japanese Ambassador to Nigeria Ryuichi Shoji, who described the trade relations as ”mutually beneficial”.

According to local media reported Tuesday, the Ambassador – who spoke in the Nigerian capital, Abuja – said though the volume of trade is tilted in favour of Nigeria, relations between the two countries remained cordial and symbiotic.

Trade between the two countries has witnessed a steady rise, especially since 2011 and 2013 when the nuclear plants in Japan were shut as a result of the Fukushima disaster.

Following that disaster, one third of Japan’s energy source was lost, which forced it to turn to Nigeria for the supply of Liquefied Natural Gas (LNG).

Ambassador Shoji disclosed that 16 Japanese companies had invested in the Nigerian economy and that six new ones would soon start various businesses in Nigeria.

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