[ad_1]
The annual bilateral commerce quantity between Nigeria and Japan stands at one billion {dollars}.
This was disclosed by the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, on the 2nd Japan-Nigeria enterprise facilitation council assembly on Friday in Abuja, in response to NAN.
Nigeria’s agriculture exports to Japan have discovered a steady area of interest market as its sesame seeds exports now account for 40% of sesame seeds consumed in Japan.
What they’re saying
The Japan-Nigeria enterprise facilitation council assembly was the second held because the Japan-Nigeria Enterprise Facilitation Council (JNBFC) happened in Lagos in February 2020.
Mr Kazuyoshi who stated that the commerce quantity between Nigeria and Japan is now one billion {dollars} yearly acknowledged that, “The commerce quantity contains imports of Liquefied Pure Gasoline (LNG) and agricultural merchandise like sesame seeds from Nigeria.
“It additionally extends to exports of machines and automobiles from Japan to Nigeria.’’
The ambassador added that 40% of sesame seeds consumed in Japan have been grown in Nigeria.
He additionally urged the significance of the assembly, citing that presently, 47 Japanese firms have been working in Nigeria, stating that the assembly was essential in proffering options to among the challenges the businesses have been going through with the Nigeria Customs Service, Nationwide Company for Drug Administration and Management (NAFDAC), international change and logistics.
The Govt Secretary/Chief Govt Officer, Nigerian Funding Promotion Fee (NIPC), Mrs Saratu Umar, urged different international locations to emulate the Japanese mannequin and develop such bilateral councils.
“We’ve a superb working relationship with the Japanese embassy and can maintain such to make sure that we collectively work to supply succour to all Japanese firms doing enterprise in Nigeria,” she stated.
She stated Nigeria established an analogous platform known as OSIC Lab, leveraging the existence of Ministries, Departments and Businesses underneath the One-Cease Funding Centre, which provides a one-stop resolution in resolving buyers’ challenges with authorities companies.
“This I consider, will complement the work we do on the Japan Nigeria Enterprise Facilitation Council,” she added.
What you must know
- Nairametrics reported that Nigeria’s agricultural export surged by 57.02% to N504.9 billion in 2021 in comparison with N321.5 billion recorded within the earlier 12 months, which can be the best agro-export earnings on document.
- Sesame seed export which elevated in 2021 was acknowledged at N113.2 billion, which is greater than the N98.27 billion recorded within the earlier 12 months. Sesame seed export accounted for 22.4% of our complete export within the interval.
- Sesame seed comes from a flowering plant principally grown in Northern Nigeria because of the drought-resistant nature of the seed and used as a supply of sesame oil which is probably the most demanded vegetable oil on this planet due to its zero-cholesterol content material.
- Nigeria’s international commerce rose to N13 trillion within the first quarter of 2022, growing by 11.1% from N11.7 trillion, recorded within the earlier quarter and 65.4% greater than the N7.86 trillion recorded in Q1 2021.
- The development in Nigeria’s merchandise commerce was because of will increase in crude oil export receipts within the quarter underneath assessment. Particularly, Nigeria’s crude oil earnings rose by 31.66% quarter-on-quarter to N5.62 trillion in Q1 2022 as complete export earnings improved by 23.13% from N5.77 trillion recorded in This autumn 2021, to N7.1 trillion in Q1 2022, as towards a 0.67% decline in import invoice to N5.9 trillion in the identical quarter. This resulted in a N1.19 trillion optimistic commerce stability, the primary since Q2 2021.
Associated
[ad_2]
Source link