August 9, 2005
The Board of Foreign Trade and the Nigerian Export Promotion Council signed an agreement in Taipei in late July to expand economic and trade relations between the two nations. The agreement calls for the greater exchange of economic and trade information, mutual visits by trade delegations and the joint holding of economic and trade symposium.
Established in 1977, the NEPC is charged with the promotion of Nigerian trade and provides Nigerian enterprises with market analysis, trade opportunities, business intelligence and personnel training assistance. NEPC chief executive officer Gladys M. Sasore headed Nigeria's trade delegation on this visit to Taiwan. Representatives from twelve Nigerian companies accompanied the delegation.
The BOFT points out that, with a population of 130 million, Nigeria is the largest country in Western Africa and is an exporter of oil and natural gas, has abundant natural resources and is a source of low-cost labor.
In 2004, Taiwan's exports to Nigeria, which consisted mainly of machinery, chemicals and transportation equipment and parts, reached
USD 162 million while imports, primarily oil, rubber, cocoa and peanuts, from the African nation totaled
USD 290 million.
Nigeria is Taiwan's fifth largest trading partner in Africa.
(Central News Agency)
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