Why Nigeria should renew 1994 trade deal with Taiwan – Envoy

The Representative and Chief of Taiwan Mission in Nigeria, Andy Liu, has highlighted why the President Bola Ahmed Tinubu administration should renew the 1994 Bilateral Agreement for Investment Protection and Promotion (IPPA) between both countries. According to Liu, the renewal and signing of the IPPA would encourage Taiwanese investors interested in visiting and investing in […]

The Representative and Chief of Taiwan Mission in Nigeria, Andy Liu, has highlighted why the President Bola Ahmed Tinubu administration should renew the 1994 Bilateral Agreement for Investment Protection and Promotion (IPPA) between both countries.

According to Liu, the renewal and signing of the IPPA would encourage Taiwanese investors interested in visiting and investing in Nigeria to come in.

The renewal would also enable Nigerian investors to invest in Taiwan, knowing that their investment would be protected.

Daily Trust reports that Taiwan has been agitating for the renewal of the agreement to deepen trade relationships between the two countries.

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 Liu, who spoke in Lagos, said both countries share the same belief in upholding democracy and development as fundamental principles.

He said, “Taiwan welcomes the Nigerian Federal Government’s approach to renew the 1994 bilateral Agreement for Investment Protection and Promotion (IPPA) and we are ready to sign for renewal, together with our counterpart Nigerian Trade Commission in Taiwan. This renewal signing will greatly encourage Taiwanese investors interested in visiting and investing in Nigeria.

“Taiwan welcomes the re-activating of bilateral consultations of our two governments, and would like to propose consultations being hosted at the permanent secretary level/decision-making officials. The Australian Government has practiced this consultation for at least two decades.

“Taiwan can be more than a valuable partner for both Nigeria and Africa, because Taiwan plays a significant role in global economy, democracy, science & technology, social development, and serves as a true model of non-oil economy.

“We, therefore, urge the Nigerian federal or state governments to take up the world trend of collaborating with Taiwan to upgrade and deepen our bilateral relations in the near future.”

Liu reiterated that a partnership between Nigeria and Taiwan could bring immense benefits, considering Nigeria’s rich natural resources and Taiwan’s technological and digital innovation expertise.

He noted that such cooperation could drive development in key sectors such as agriculture, mining, and energy.

“We have never felt prouder. Taiwan stands ready to support the realisation of the Renewed Hope Agenda.

“Taiwan and Nigeria are both members of the World Trade Organisation and share the values of free trade and economic cooperation. We are eager to work together to strengthen ties in sectors like mining, agriculture and energy development. Taiwan is willing to offer technological expertise to help harness Nigeria’s abundant resources in a mutually beneficial partnership,” Liu said.