By Moses Nosike

The Managing Director and Trade commissioner of Japan External Trade Organisation, Taku Miyazaki, at the on-going 30^th Lagos International Trade Fair and Exhibition said, collaboration, support from foreign technology key to SMEs development in Nigeria.

According to him, Nigeria needs foreign experts to train SMEs and use such technology to grow a lot of its local contents.

Miyazaki said, SMEs need financial support from CBN, BoI etc. to advance its operation, saying economies don’t advance without SME advancement.

“According to him, about 30 Japanese firms and their local distributors are presently here showcasing their products and technologies to Nigerians at the ongoing 30^th Lagos International Trade Fair and Exhibition in Lagos. Some of the firms will help grow SMEs in Nigeria to a larger size.

Among the exhibitors are Panasonic Marketing and Services Nigeria, AutoCentre, R.T Briscoe Nigeria, CFAO Yamaha Motors Nigeria, Suzuki Motor, Massilia Motors and others.

He said, “in spite of economic recession in Nigeria, Japanese firms are still interested to do business in Nigeria, saying further Japanese investment in Nigeria is among top 10 in job creation.

Miyazaki said, large numbers of Japanese companies have strong interest in Nigerian market, adding that their durable products developed with highly technology can give customers cost-saving merit”.

Discussing on the effect of the recession on both countries trade relation, Miyazaki said, “Imports from Japan to Nigeria and exports from Nigeria to Japan in 2015 marked significant decrease of 50.4 % to USD358.7 million and 37.3% to 2,829.0 million respectively due to the lower natural gas and forex scarcity. “There has been increasing trend of manufacturing in Nigeria in the past couple of years among the Japanese companies. Although Nigeria is in the midst of a severe economic recession, many of Japanese companies are still eager to tap into this attractive market or expand their business here in Nigeria”.

He encouraged FG on the need for enthrone more transparent policy in resolving forex crisis, even as he charged FG to improve on infrastructure, fights corruption to standstill as well as encourage a more favourable business environment for investors.

Miyazaki reiterates Japan’s readiness to use its technology-know to aid Nigeria’s diversification efforts.