Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi, has said that the annual trade volume between the two countries has exceeded $1 billion.
He said Japan is working hard to increase its investment but that there are obvious trade barriers that would need to be removed to achieve the goal.
According to him, Japanese companies face trade challenges ranging from foreign exchange, and port logistics challenges to issues around certification by the National Agency for Food and Drug Administration and Control (NAFDAC).
He said these at the weekend at the signing of the trade agreement policy between the two countries in Abuja.
The meeting drew representation from the embassy, the Nigeria Customs Service (NCS), Japanese companies in Nigeria and the Nigerian Investment Promotion Council (NIPC).
He revealed that over 30 per cent of goods consumed in Japan comes from Nigeria stressing: “We are eager to increase our investments in Nigeria by taking advantage of the African Continental Free Trade Agreement (ACTA) to rebuild Nigeria’s economy.”
The Executive Secretary of NIPC, Saratu Umar, who stood for the Nigerian government, said the country intended to increase the $1 billion Japanese investment in the country to enable it to diversify the economy, create jobs and facilitate rapid development.