Overview of Bilateral Trade
Nigeria is the 30th largest economy in the world and the largest African economy in 2017. It is also an important African commercial partner for Taiwan taking second place among Taiwan’s African trading partners.
Bilateral trade between Nigeria and Taiwan totaled US$540 million in 2017, increasing 48.8% over 2016. Of this figure, Nigerian exports to Taiwan accounted for US$441 million, while Taiwanese exports to Nigeria accounted for the remaining US$98 million. This indicates increasingly prosperous bilateral economic and trade exchanges between the two sides.
Overview of Bilateral Investment
Nigeria is rich in nature resources. Nigeria’s main exports include petroleum, petroleum products, cocoa, and rubber. The country’s main imports include machinery and parts, chemical products, auto parts, and foodstuff. Nigeria is also a member of the African Union (AU) and founder of the Economic Community of West African States (ECOWAS). Although Taiwan is yet to invest in Nigeria, but with its qualities, a sizable young workforce, and linkages to the rest of Africa, Nigeria will certainly become an investment target with great potential for Taiwan in the future.