JETRO, LCCI sign MoU on trade promotion

Japan External Trade Organisation ( JETRO) and Lagos Chamber of Commerce and Industry (LCCI) have signed a Memorandum of Understanding (MoU) on further partnership to promote trade and investment between the two countries.

The deal, which was sealed yesterday at the on-going Trade Fair in Lagos, covers wide range of activities for collaboration such as exchanging information on trade and investment, co-hosting seminars, exhibitions and business delegations and advocating for enabling business environment.

Dr. Katsumi Hirano, JETRO’s Executive Vice President and Head of Africa, noted that the Federal Government of Nigeria aims to achieve a private-sector-driven economy under the leadership of President Muhammadu Buhari adding that the collaboration between JETRO and LCCI is on the same track.

“The MoU aims to bring such a new economy by facilitating greater business relationship between the two nations.

“Japan is interested in where Nigerian economy goes as well as the role of LCCI in the Nigerian economy driven by the private sector. As one of the collaborations, JETRO has been organizing Japan Pavilion at Lagos International Trade Fair since 2014.

“This year, within one of the biggest pavilions at the fair, Japanese firms and their Nigerian distributors have brought in total 33 Japanese brands to attract Nigerians,” he said.

LCCI’s President, Mrs Nike Akande, said the signing of the MoU would further strengthen trade and investment between the two countries as well as create synergy among companies in Nigeria.

Parts of the deal include collaborative effort to establish a practical framework for the development of stronger relations and to set forth the procedures of cooperation, which will enhance the implementation of reciprocal economic objectives.

The partnership is for three years and renewable for another three years.