Oluchi Chibuzor

The Country Managing Director and Trade Commissioner of Japan External Trade Organisation (JETRO) Takashi Oku, has revealed that more Japanese firms are forming partnerships with Nigerian businesses to enhance their profitability and operations.

Oku, while speaking with reporters during the opening of the JETRO Pavilion at the Lagos trade fair at the weekend, said about nine more Japanese companies, in addition to the existing ones are currently partnering with Nigerian companies for better services and profitability.

According to him, the partnership option has been profitable to Japanese companies operating in Nigeria.

Oku said 47 companies were participating at this year’s Lagos trade fair, explaining that 37 firms were exhibiting at the main pavilion and others are showcasing at the Super Japan section, a new entertainment innovation at the pavilion.

According to him, visitors to the Japan Pavilion will be hosted to “Super Japan in Lagos” this month

He added that this year marked the 10th years of JETRO’s participation at the trade fair.

Also speaking to reporters, Ambassador to Nigeria, Suzuki Hideo, asserted that Japanese companies operating in Nigeria are struggling to make a profit.

Hideo  who spoke at the opening of the pavilion said that although several Japanese firms were facing economic challenges, they remained optimistic about the future of their operations in Nigeria.

He said: “There are about 52 Japanese companies currently operating in Nigeria across diverse sectors.  Some of them are manufacturing firms, others operate in the distribution sector, while some are involved in exportation to Japan. Their situations differ, but many of the Japanese companies are not making profits on their businesses in Nigeria.”

He, however, remain positive that despite the current financial indicators, the companies were maintaining a long-term outlook.

Hideo said: “The Japanese companies are very much aware that they have to think for the longer term in their policies and strategies. They are hoping that they will have a brighter future for their businesses. That’s their current situation.”

The ambassador also said he was yet to receive formal feedback from the Japanese companies participating in this year’s fair.