According to Matsunaga Kazuyoshi, the Japanese ambassador to Nigeria, the two nations’ yearly trade volume exceeds $1 billion.
He claimed that although Japan is making great efforts to grow its investment, there are clear trade restrictions that would need to be addressed to accomplish the objective.
He claims that issues with certification by the National Agency for Food and Drug Administration and Control(NAFDAC), are just a few of the trade challenges that Japanese companies must deal with. Other difficulties include issues with foreign exchange and port logistics.
He made these remarks over the weekend in Abuja during the signing of the trade agreement policy between the two nations.
The embassy, the Nigeria Customs Service (NCS), Japanese corporations operating in Nigeria, and the Nigerian Investment Promotion Council all sent representatives to the meeting (NIPC).
He emphasized: “We are keen to enhance our investments in Nigeria by taking advantage of the African Continental Free Trade Agreement (ACTA) to restore Nigeria’s economy,” when he said that over 30% of the commodities consumed in Japan come from Nigeria.
The Nigerian government, represented by Saratu Umar, Executive Secretary of NIPC, stated that it aimed to increase the $1 billion Japanese investment to diversify its economy, generate jobs, and promote speedy development.