Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry (LCCI), has called for new commercial relationships and collaborations that will shape the future of Nigeria, Taiwan, and other African countries. Idahosa, represented by Dr. Ngozi Omambala, Chairperson of LCCI’s Creative and Entertainment Group, spoke at the recently concluded 2024 Taiwan-Africa Business Forum in Taiwan, stating that collaborations between Taiwan and Africa could help bridge gaps in infrastructure, information technology, energy, and manufacturing sectors.
According to him, the two regions have seen tremendous growth in trade in recent years, with trade volumes soaring from $4.65 billion in 2018 to $7.81 billion in recent years, representing a roughly 70% increase. These figures are indicative of the immense prospects that await.
“Taiwan has demonstrated its commitment to Africa through cooperation in industries such as healthcare, agriculture, technology, and manufacturing. “Key African countries, such as Nigeria, Eswatini, South Africa, and Ghana, have been vital in these exchanges” .
Idahosa described Nigeria as Taiwan’s second-largest commercial partner in Sub-Saharan Africa, noting that Taiwan’s foothold in Nigeria was strengthened by the successful Taiwan trade business forum in Lagos in May 2024. The forum, he said, showed Taiwan’s capabilities in fields like as electronics, machinery, and renewable energy, with nine major Taiwanese companies displaying their products to Nigerian enterprises.
In his words: “The connection between Nigeria and Taiwan is mutually beneficial, as both economies complement each other in crucial industries. With its extensive natural resources, Nigeria provides Taiwan with options to get raw materials for industrial manufacturing.
“Earlier this year, during the Taiwan Trade Business Forum in Lagos, discussions focused on expanding trade in energy, telecommunications, and automotive sectors” , he reported. He noted that nations such as Ghana, Kenya, and South Africa are already interested in Taiwanese technology and products.
According to him, Taiwan’s standing as the world’s 17th largest merchandise exporter, as well as its competence in ICT and high-end manufacturing, make it an excellent partner for these quickly rising African nations.
However, he emphasised the need of Taiwanese enterprises capitalising on Africa’s young and skilled workforce pool, notably in the manufacturing, fintech, and logistics sectors. His comments were these: “By establishing more joint ventures and manufacturing hubs in Africa, Taiwanese companies can help bolster local industries while also benefiting from Africa’s expanding markets” .
