Taiwan seeks renewal of trade pact with Nigeria after 33 years

Taiwan has made a strong case for Nigeria to renew the investment protection agreement it signed with it in 1991. It would be recalled that former Military Head of State, Ibrahim Babangida, established diplomatic relations with Taiwan and 33 years later the East Asian country is making a case for the renewal of the agreement […]

Taiwan has made a strong case for Nigeria to renew the investment protection agreement it signed with it in 1991.

It would be recalled that former Military Head of State, Ibrahim Babangida, established diplomatic relations with Taiwan and 33 years later the East Asian country is making a case for the renewal of the agreement to provide a safer climate for investment between both countries.

Taiwan’s trade with Nigeria is about $1bn as of 2022 but Taiwanese investors have indicated interest to expand presence in the country in areas of technology, education, agriculture among others.

Taiwan’s Ambassador to Nigeria and Representative, Taipei Trade Office, Andy Yih-Ping Liu, while speaking with Daily Trust in Lagos stated that the renewal of the trade agreement signed in 1991 is key to boosting Taiwan’s trade with Nigeria.

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In addition to that, he stated that Taiwan is equally working with the Ministry of Industry, Trade and Investment to sign an enhanced trade agreement with Taiwan as the federal government recently did with the British Government.

He said: “If Nigerians would like to invest in Taiwan, to set up companies, we welcome that but we need the investment protection agreement.

“If the investment protection agreement is signed today, then the Nigerian government should consider to have enhanced trade and economic agreement with us. The British have signed with you and the British have signed with us. How come Nigeria has not signed with Taiwan?

“For the past two years now, that agreement has not been signed. The renewal has not been signed. About one and half months ago, the British Government and Nigerian Government signed the same agreement. At the same time, in November last year, the Canadian government and Taiwan signed an enhanced investment agreement. So the British and Canada are moving very fast with Taiwan but Nigeria has been trapped,” he said.