LCCI, Japan External Trade Organisation sign MoU to promote trade

In a bid to bolster trade and investment between Nigeria and Japan, the Lagos Chamber of Commerce and Industry (LCCI) and the Japan External Trade Organization (JETRO) recently signed a Memorandum of Understanding (MoU). The MoU aims to strengthen the longstanding relationship between the two countries, focusing on improving trade volumes, information exchange, trade missions, and the establishment of businesses in each other's territories. Temitope Akintunde, the Head of Public Sector Relations at LCCI, highlighted the significance of this partnership in enhancing bilateral trade relations that have been evolving since the 1990s when diplomatic ties between the nations experienced resurgence. JETRO, the Japanese government-related organization, plays a crucial role in fostering trade relations between Japan and the Chukon countries, emphasizing the importance of a balanced volume of trade between the two nations. The historical context of the relationship between Nigeria and Japan dates back to the 1960s, with intermittent fluctuations in trade volumes over the years. From being tilted towards Japan in the early 2000s to a more balanced trade scenario between 2003 and 2008 when Nigeria increased its crude oil exports to Japan, the aim now is to achieve a mutually beneficial and equitable trade partnership through the newly signed MoU. This agreement is poised to facilitate information exchange, trade missions, and the establishment of companies in both Nigeria and Japan, ensuring a more balanced and diversified trade portfolio. One of the key aspects of the MoU is the promotion of private-driven economic growth in Nigeria, aligning with the government's efforts to diversify the revenue base of the economy beyond oil exports. Akintunde emphasized that Nigeria is looking to increase exports of non-oil products, such as leather goods, to reduce dependency on crude oil revenue and enhance economic sustainability. The involvement of the federal government in this partnership underscores its commitment to fostering international trade relations and promoting economic development. The anti-corruption stance of the Nigerian government has also been instrumental in attracting international partners like Japan, signaling a proactive approach towards addressing governance challenges and improving the business environment for foreign investors. The efforts to combat corruption and promote transparency have garnered positive attention from the international community, contributing to Nigeria's appeal as a promising trade partner. As the trade landscape evolves, Nigeria seeks to leverage its existing trade relations with Japan and explore opportunities for collaboration in diverse sectors beyond oil exports. The MoU signed between LCCI and JETRO symbolizes a renewed commitment to enhancing bilateral trade relations, driving economic growth, and fostering mutual prosperity for both nations.