LCCI advocates stronger Nigeria-Taiwan-Africa business partnerships

BY TEMITOPE ADEBAYO

President of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa has emphasised the need for enhanced business collaborations between Taiwan, Nigeria, and other African nations to shape the future of trade and development.

Speaking at the 2024 Taiwan-Africa Business Forum in Taiwan, Idahosa, represented by the chairperson of LCCI’s Creative and Entertainment Group, Dr. Ngozi Omambala, highlighted the immense potential for growth in sectors such as infrastructure, information technology, energy, and manufacturing through stronger partnerships.

Trade between Africa and Taiwan has grown substantially in recent years, with trade volumes surging by nearly 70%, from $4.65 billion in 2018 to $7.81 billion. Idahosa pointed out that this growth presents significant opportunities for both regions.

Taiwan’s commitment to Africa spans various sectors, including healthcare, agriculture, technology, and manufacturing, with key African nations like Nigeria, South Africa, Ghana, and Eswatini leading the way in these collaborations.

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Nigeria, described as Taiwan’s second-largest trading partner in sub-Saharan Africa, plays a crucial role in this trade relationship. Idahosa noted that Taiwan’s presence in Y 1

Nigeria was further solidified by the successful Taiwan Trade Business Forum held in Lagos in May 2024, where nine prominent Taiwanese companies showcased their products, especially in electronics, machinery, and clean energy.

“The partnership between Nigeria and Taiwan is mutually beneficial, as both economies complement each other in key sectors. Nigeria offers Taiwan access to raw materials for industrial production,” Idahosa said.

He also highlighted discussions at the Lagos forum, which focused on expanding trade in energy, telecommunications, and automotive industries. Idahosa observed that African nations such as Ghana, Kenya, and South Africa are increasingly interested in Taiwanese technology and products.

He underscored Taiwan’s position as the world’s 17th largest merchandise exporter, with its expertise in ICT and high-end manufacturing making it a strategic partner for Africa’s growing economies.
However, he stressed the importance of Taiwanese companies leveraging Africa’s young and skilled labor force, particularly in sectors like manufacturing, fintech, and logistics.

“By establishing more joint ventures and manufacturing hubs across Africa, Taiwanese businesses can strengthen local industries while tapping into the continent’s expanding markets,” he concluded.