In an announcement by Mr. Matsunaga Kazuypshi, the Japanese Ambassador and Permanent Representative of ECOWAS, it has been revealed that Nigeria’s annual trade with Japan has reached a substantial N7.6 trillion or $10 billion. While Japan may not be among Nigeria’s top five trading partners, this significant increase in trade volume signifies a strengthening trade partnership, bolstering Nigeria’s revenue and reserves. Nigeria’s exports to Japan have seen substantial growth, soaring from N102.64 billion in 2019 to N329.82 billion in 2022. Conversely, imports have seen a decline, plummeting from N258.05 billion in 2019 to N142.06 billion in 2022. These exports primarily comprise agricultural products and manufactured goods, including items such as sesamum seeds, unwrought aluminum alloys, and cathodes.

Source: Ethiopian News September 04, 2023 01:43 UTC