Nigeria Joint Trade Mission to South Korea and Japan: A platform for Medical and Healthcare Transformation

  

The purpose of the Nigeria Joint Trade Mission to South Korea and Japan is to introduce and expose Nigeria medical industries to the rapidly expanding and innovative healthcare sectors in Korea and Japan, and to assist Nigeria medical industries in pursuing opportunities in Korea, Japan and Asia at large.

The healthcare system in Korea and Japan is considered to be of a comprehensive form, with a public health service funded by the government and an expanding private health care and medical service. Individuals who are resident in Korea and Japan for at least one year are entitled to receive health care through the public healthcare system managed by the National Health Insurance Service  (NHIS) and government respectively.

In 1976, Korea adopted a policy that universal health coverage would be achieved by 1989. Since 1988, all Korean citizens have had health coverage, via private-sector initiatives and medical insurance societies

South Korea's single-payer health system ranks 19th overall in the World Index of Healthcare Innovation, with a score of 46.47. Korea performs especially well at keeping health care spending low, at 8.1% of GDP. Its debt-to-GDP ratio of 39.5% is excellent.

while, Health care in Japan is, generally speaking, provided free for Japanese citizens, expatriates, and foreigners. Medical treatment in Japan is provided through universal health care. This system is available to all citizens, as well as non-Japanese citizens staying in Japan for more than a year.

As an important element of national security, medical and healthcare system not only functions to provide adequate and timely medical care but also track, monitor, and control disease outbreak. The Nigerian healthcare has suffered several down-falls. Despite Nigerian's strategic position in Africa, the country is greatly undeserved in the healthcare sphere. Health facilities (health centers, personnel, and medical equipment) are inadequate in this country, especially in rural areas. While various reforms have been put forward by the Nigerian government to address the wide ranging issues in the health care system, they are yet to be implemented at the state and local government area levels.

The Nigeria Joint Trade Mission to South Korea and Japan will be a platform to readdress the healthcare service impediments. However, in doing so it will focus on innovative health and medical services, including advanced techniques and instrumentation, as well as the translation of medical research to health outcomes. Relevant areas of interest include life science, practice based research, advanced clinical practice, workforce training and regional delivery of health services.

The Nigeria Joint Trade Mission to South Korea and Japan is targeting representatives from medical industries, medical research organizations, private sector, institutions and the government. The mission will include conferences, tailored meetings (B2B, B2C) and networking events. Through these activities, the trade mission represents a valuable opportunity for delegates to network and form partnership.

The Nigeria Joint Trade Mission to South Korea and Japan is powered by in conjunction with Trade Nigeria Globe Chamber of Commerce and Industry and a host of others.

For Enquiries on how to participate in the Forthcoming Nigeria Joint Trade Mission to South Korea and Japan, please call or visit Trade Nigeria office @:

Abuja

Edo House, Suite 5-05 Fifth Floor,

Central Business District, Abuja, Nigeria.

09074484983

Rivers State

#6 Omerelu Street, GRA Phase 1

Port Harcourt, Rivers State, Nigeria

0816 126 1262, 

0701 088 2314, 

0908 008 8327, 

0705 686 3770

OR VISIT OUR WEBSITE @ www.tradewithnigeria.com

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Nigeria: Some active investors aiding startups in 2021

 

Nigeria has consistently ranked in the top 4 of the most funded countries in both amount raised and startups invested in, across Africa. In 2020, Nigerian startups received the most investment at a total value of $307 million in 71 deals and an average deal size of $4.3 million. So far this year, at least 216 investors have already participated in one deal or more on the continent.

In no particular order, these are some of the active investors backing Nigerian startups in 2021 according to the number of investments and ticket sizes.

Launch Africa

Launch Africa is a leading Pan-African VC fund solving the significant funding gap in the Seed and pre-Series A-investment landscape in Africa. With a decade-long track record of venture building alongside some of the smartest founding teams in Africa, Launch Africa backs startups across multiple sectors, regions, and products that tackle the most meaningful challenges on the continent.

The VC firm has a portfolio presence in 11 countries and has invested in some Nigerian startups including Chekkit, Payhippo, Kuda, Omnibiz and MVXChange.

Ycombinator

Ycombinator is an American startup accelerator that invests in a wide range of startups twice a year. Since its launch in 2005, YC has invested in over 3000 companies globally. This year, YC has invested in 19 African startups, 7 of these are from Nigeria including Mono, Sendbox, Payhippo, Supplias.

Tiger Global

Tiger Global is an investment firm focused on public and private companies in the global Internet, software, consumer, and financial technology industries.

Founded in 2001 by Chase Coleman, Tiger established itself as a force in pre-IPO tech investing well over a decade ago after winning bets on companies like Facebook and LinkedIn. Tiger Global led the investments in Flutterwave and Fairmoney.

Kepple Africa

Japanese VC, Kepple Africa Ventures co-creates new industries from Africa by fostering the growth of startups, facilitating cross-border expansions, and catalyzing mergers and acquisitions.

Founded by Ryosuke Yamawaki and Takahiro Kanzaki in December 2018, the company has offices in Nairobi and Lagos and specializes in seed investments of between $50,000 and $150,000 in early-stage tech startups on the continent. Kepple has 93 companies in its portfolio across 11 markets. Some notable Nigerian investments this year include Decagon, MVXChange, Termii, and TeamApt.

  

Valar Ventures

Valar Ventures is a VC firm backed by Peter Thiel and focused on startups outside of Silicon Valley. Valar believes that an increasing number of transformative technology companies will be started outside of the Bay Area and that these startups will benefit from working with investors who understand how to build a global business from the emerging tech hubs in Europe and North America.

The VC firm invests in high-margin, fast-growing technology companies that are pursuing huge market opportunities. Valar has co-led investments in Kuda banks’ series A and B rounds.

Nigeria: The future of the palm oil industry amid global warning

 

Amid a mounting movement against deforestation by environmentalists to fight climate change, the future of the palm oil industry stands threatened. The European Union passed an act earlier this year to phase out palm oil from renewable fuel by 2030 due to environmental concerns. Palm oil production is said to have been responsible for about 8% of the world’s deforestation between 1990 and 2008. The crop has also contributed towards pollution and climate change as land, including carbon-rich peatlands, have been converted to plantations.

While demand for palm oil used in EU biofuel accounts for a fraction of global supply, industry heavyweights – Malaysia and Indonesia – worry the law could spur calls for regulation in its usage in food, which accounts for nearly 70% of global palm oil consumption. A global upheaval against the use of palm oil in processed food could further hurt Nigeria’s ailing palm oil industry. 

our view, growing concerns about the environmental damages that come with cultivating oil palm could limit the end-markets for the crop in the long term. Although the Nigerian authorities are implementing policies to increase local production of palm oil, we believe the emphasis should also be placed on the sustainability of production by focusing on increasing yields rather than expanding plantations. In our view, this can be achieved through collaboration between the government and the private sector in providing financial and technical support to small-hold farmers.

 

World Food and Trade Expo: How High Inflation Rate is Ravaging Nigerians

 

The World Food and Trade Expo will be one of the portfolios of food/trade exhibition that will promote local, continental and international dishes from food vendors, chefs and professionals that are passionate and creative in food production around the globe.

The program will come with lots of profitable features and business opportunities such as B2B business meeting (interactive section between exhibitors and buyers), among others.

The world Food and Trade Expo is powered by Trade Nigeria in partnership Globe Chamber of Commerce and Industry.

Nigerians are finding unique ways to cope with the rising cost of goods and services that have atrociously eroded their purchasing power.

Coping mechanisms are critical to surviving the increasing hardship synonymous with galloping inflation. Nigeria’s recent inflation report shows that the country is still plagued with double-digit inflation, implying that prices have increased massively from last year when the economy was engulfed with panic buying, border closures and lockdown restrictions. As economists scramble to find solutions, the citizens are left to figure out their survival.

Unlike other macroeconomic phenomena, Inflation does not discriminate and its effects are distributed to every individual in the economy. While few may be capable of absorbing the effects, most Nigerians would see this as a painful stroke as the country remains the poverty capital of the world. 

Nigeria’s inflation rate reduced to 17.75% in June 2021, down from 17.93% the previous month May 2021. Inflationary pressures have fallen for the third time in a row, but the decline is still not enough to have any huge effect on the economy.

According to the SBM report for Q2 2021, the average cost of preparing a pot of Jollof rice for a Nigerian household was N7,124 in March 2021, but it rose to N7,618 in June 2021, representing a 6.93% rise in just three months.

The report raised concerns about the prevalence of stunting in children under the age of five which climbed to 36.8 from 36.2 in 2012. It also highlighted that the proportion of people who are undernourished has increased from 7.6 in 2012 to 12.6 in 2020.

“Most of those interviewed in the low socio-economic strata confessed they could no longer afford three square meals but had one whole meal daily supplemented with snacks,” said Report.

Based on the current Premium Motor Spirit Price Watch report, the average price paid by Nigerian consumers for a litre of petrol climbed by 28.49 % from N128.88 in the corresponding period of 2020 to N165.61 in June 2021.

Nigerians have also seen prices jump in basic consumable such as “Pure water” further checkmating how the common man satisfies his thirst. Unfortunately, double-digit inflation has been part of the economy since as far back as 2016 and many Nigerians have gotten used to the increasing levels of hardship.

 

Views from some Nigerians

 

A Supervisor(name withheld) at Amazing Grace restaurant told our reporters that Food prices, in particular, have risen, with no end in sight. 

“The prices of goods are pretty exorbitant. For example, the price of a bag of rice went from N12,000 to N28,000, a carton of chicken soared from N12000 to N20000, a bag of pepper rose from N15,000 to  N22,000, the worrying thing is that I can’t foresee when the inflation would slow down.”

 

Chidera reacted to the inflation by seeking out less expensive alternatives to the things he regularly consumes.

He said, “The varying pricing of items allows us to choose other goods that are less expensive to consume. For example, the cost of imported rice has risen to the point where we must purchase local rice. We favour pounded yam over poundo yam, although we do more poundo yam due to the increase in yam prices in the market. We use goya oil instead of royal oil in frying, which has caused the market price to rise.”

 

An architect (name withheld) at Bcreative design consult said the cost of building items was the most impacted by inflation.

He said, “Because of its importance in the construction industry, I would say cement has been affected the hardest by inflation. A bag of cement we were buying for N2,600 climbed to N3,900 in just two years, which is a big increase.”

A scholar also stated that inflation would fall only if the government intervened significantly.

“I believe that if the government intervenes in some way, we may see a decrease in prices, which will help bring down the cost of building as well as the cost of houses rented or owned.”

 

According to John Maynard Keynes said, “The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood.” Hence, high inflation can be seen as the shortcomings of Nigerian economic policies.

 

Nigerians would have to endure the escalating economic agony until the problems are remedied. It should be emphasized that inflation can cause social disruptions such as a rise in crime and political upheaval.

However, Nigerians have demonstrated tenacity in the face of adversity, signifying once again, the citizenry’s resourcefulness. Nevertheless, if this situation endures, only time will tell how Nigerians will respond.

 For more enquiries on the World Food and Trade Expo, call or visit the Trade Office @:

Abuja

Edo House, Fifth floor, Suite 5-05

Central Business District, FCT.

09074484983

09033131552

Rivers State

#6 Omerelu street, GRA, Phase 1,

Port Harcourt.

2348161261262

2347010882314

2349080088327

2347056863770

Japan - Africa Economic and Investment Forum 2021

 

The Japan –Africa Economic Forum will be an innovative Business and Investment marketplace that will create a business mix, matching opportunities, and as well, attract capital for projects on the continent of Africa.

Africa is the world’s second largest and second most populous continent, comprising more than 54 countries. With a population of over 1 billion, it is attractive for any investor. Being successful in these markets requires insight into the languages, cultures, government bureaucracy, regulations, type of innovative technologies and workforce of each country. Everyone is different, and this makes it very difficult to use the same recipe for any two countries.  There may be similarities in the regions but inside information is still required.

If you consider culture to be an integrated pattern of human knowledge and beliefs, as well as a set of shared attitudes, values, goals, and practices that characterize a group of people, then Africa is a continent with diverse culture. This should be seen as an opportunity for any investor.


The best time to invest in Africa is now, However, foreign investors have not moved into the continent as quickly as expected because foreign investment decisions are often methodically over structured. One of the major factors cited is too much risk. But risks and profits are inseparable twins: high-risk ventures are frequently associated with higher profits.

Africa is the most profitable region in the world. A report by the UN Conference on Trade and Development states that between 2006 and 2011, Africa had the highest rate of return on inflows of Foreign Direct Investment: 11.4%.  This is compared to 9.1% in Asia, 8.9% in Latin America and the Caribbean. The global figure is 7.1%

Investing in Africa is good business and a sustainable corporate strategy for foreign investors. Advanced and emerging countries’ governments and the private sector should leverage these profitable, emerging investment opportunities. Using official development assistance to leverage and de-risk the investment climate in Africa is a key component in attracting FDI.

The Japan – Africa Business and Investment Forum is a laudable effort that should be scaled-up and supported by other countries that has the business might.

The Japan – Africa Business and Investment Forum which comes up from the 3rd to 10th of October 2021 is organized by Globe Chamber of Commerce and Industry (GCCI), in partnership with Nigeria Min. of Foreign Affairs, Trade Nigeria, Japan Business Council for Africa and a host of others.

Nigeria - Czech Economic and Investment Forum

 

The Nigeria - Czech Economic and Investment is an Agricultural, Agro-Commerce, Agro-Tech Trade mission and Agro-Business Delegation to Prague, it  will create a unique agro-base opportunity for Nigeria entrepreneurs, business individuals and policy makers working in the agro- sector of the economy to expand their network and discover new business opportunities.

The trade mission is designed with an itinerary to provide delegates with a platform to meet serious buyers, explore new development opportunities and network with innovative minds, agricultural experts, Leaders and entrepreneurs.

 

The Trade Mission to Prague will also create an outstanding opportunity for Czech Ago-Tech sector to showcase its innovative prowess and capabilities to Nigerian agricultural sector.

 

What to Expect

• Business 2 Business Meetings (Plenary Meetings)

• Access to network with numerous medium and large scale organization

• Exhibition platforms

• Site visiting

• Innovations

The Nigeria – Czech Agricultural, Agro-Commerce, Agro-Tech Trade mission and Agro-Business Delegation to Prague is powered by Trade Nigeria in conjunction with Globe Chamber of commerce and Industry.

About Nigeria - Poland Economic and Investment Forum 2021

 

Nigeria - Poland Economic and Investment  Forum is powered by Trade Nigeria to enhance trade, business, investment and economic opportunities between Nigeria and Poland.

The relationship between Nigeria and Poland over the years has been mutually beneficial guided by trust, respect and friendly relations.

Although  Nigeria and Poland business communities have recorded tremendous successes in bi-lateral trade, there is a large trade imbalance in favor of Poland as Poland exports represent some 80 per cent of the total bilateral trade volumes. This gap needs to be reduced.

Therefore, Nigeria - Poland Economic and Investment  Forum  is a forum that promotes mutual beneficial relationship in business transactions among Poland and Nigeria. This is projecting Nigeria not only as a consumer market alone, but as an investment destination where goods can be manufactured and consumed locally.

Nigeria - Poland Economic and Investment  Forum will explore ways of practical cooperation in trade, investment, finance, human resources, agriculture, fishing, and also strengthen industrial capacity cooperation in the manufacture of cars, household appliances, construction materials, textiles, food processing, and others. This is in line with Trade Nigeria focused on Growing Africa's Economy.

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FDI: Nigeria slide further Down

 

The National Bureau of Statistics (NBS), recently published Nigeria’s capital importation report for the first and second quarter of 2021. According to the report, the nation received a sum of $875.62 Million foreign inflows in Q2 2021, representing a significant year-on-year decline.

A cursory look at the data from the NBS and complimented with historic data from the CBN reveals that an important component of the capital importation report, foreign direct investment (FDI) fell to its lowest level in over 11 years. Specifically, FDI dropped to $77.97 Million in Q2 2021, indicating a 49.6% and 47.5% decline compared to $154.76 Million and $148.59 Million recorded in the previous quarter and Q2 2020 respectively.

The last time Nigeria recorded lower FDIs, was in Q1 2010 when it managed to attract foreign direct investments valued at $73.93 Million. According to the Organization of Economic Co-operation and Development (OECD), FDI is an integral part of an open and effective international economic system and a major catalyst to a country’s development. However, Nigeria has failed to attract foreign investments in form of FDIs to its local businesses in recent times, which is a cause for worry especially for a country in dire need of an economic boost.

Most economies target increased FDI due to its importance in driving economic growth. Foreign Direct investment boosts the creation of jobs in the host country as investors build new companies in the country, which in turn leads to increased income, more purchasing power, and an overall boost in the economy. However, the current state of Nigeria’s economy, ravaged by various structural, fiscal, monetary, and socio-economic issues has further dampened investors’ sentiments towards investing in the economy.

It is worth noting that a world bank report, released earlier in the year had projected a weak FDI trend for African countries in 2021. However, the reality of FDI investments in the current year remains far distant compared to the previous year, which was affected by the covid-19 pandemic, lockdown measures, and restrictions to movement.

 

Downturn in FDI

According to a report by FDI Intelligence, a specialist division of the Financial Times, Nigeria has the highest number of tech startups, with most of them operating within the fintech industry, however, the country has failed in other areas. The report outlined that despite the Lagos metropolis being renowned for its start-up ecosystem, there is a significant gap between the city’s tech ecosystem, its surroundings and the country at large, which suffers from chronically poor infrastructure and education, recurring political instability, and security issues.

This challenging environment according to the report prevents Nigeria from ranking high in any other specific category. The Nigerian economy has been ravaged by a number of problems, ranging from macro-economic factors such as inflation, unemployment, ease of doing business to socio-economic factors such as banditry, kidnapping, and insurgency, hence affecting the sentiments of foreign investors towards the economy.

 

GCCI: Japan – Africa Economic Forum 2021

 

As part of economic recovery plans for the continent, Globe Chambers of Commerce and Industry has scheduled Japan – Africa Economic Forum to hold from the 3rd  to 10th of October , 2021.

The event according to the organization will Fast track a large volume of bilateral trade between African countries and Japan, one way they are working towards seeing Africa bounce back to greatness after the devastating effects of the pandemic on global trade especially.

With the event fixed for October 2021, the president of Globe Chambers of Commerce and Industry, Hon. Nwabueze Buchi George, believes that the proposed date will be a great time to have the event, adding that he believes that by then there would have been a conducive atmosphere  that will ensure participants are not put in any form of danger.

“We need to open the world up with ideas”, Hon. Buchi George said, while speaking from Abuja Nigeria. He further stated that one of those ideas is to find ways nations and continents can partner to achieve a greater common  good.

"The Japan is a great nation and they can offer us a lot, while we can do same for them. we're working on a union that will encourage trade, investment and economic development in both ways and working with appropriate authorities in several African countries is one thing we are doing at the moment and we'll be announcing a lot of participating nations before the time of the event"

Trade Nigeria: Small and Medium Scale Entrepreneurship

 

This is a platform that encourages small and medium scale businesses to be active players in the Nigerian Investment Hub for economic growth and development.

With active partnership of the Government, infant industries can be supported. Similarly, investors can be motivated to invest in industries with potential multiplier effect on the growth of the economy.

With the government exploring other sectors of the economy such as manufacturing and agriculture, this forum can play an active role in employment generation and manpower development.

With the present administrations focus on improving the business and investment climate in Nigeria through the ease of doing business policies and the other various investment incentives such as tax holidays, capital allowances, investments, subsidies, export expansion grants, export development funds among others.

Nigeria as a Country is blessed with enormous human and material resources. It sits on a landmass of 923,768km2.

Nigeria has a population estimation of about 200million people. Chief among the natural resources, the country is blessed with oil, solid minerals, a beautiful climate and land for agricultural production.

With these assets, Nigeria presents a robust platform for exponential economic growth.

One of the key factors which engender economic growth is the presence of viable and vibrant investment culture.

An investment culture is one which encourages Nigerians both at home and in diaspora to invest in the Nigeria economy. This can be done through individual investments, a consortium, foreign direct investment, public-private partnerships, or a combination of two or all of the above.

It therefore becomes necessary to provide a platform to drive this economic growth, one of such platforms is the establishment of this forum to actualize this idea.

Nigeria-Japan Joint Trade Mission and Business Delegation 2021, Tokyo Japan

The Nigeria-Japan Joint Trade Mission and Business Delegation 2021 is a trade Mission organized by Trade Nigeria, a public, private partnership with the Federal Government of Nigeria to drive business development and investments. Its aim is to support and promote business development between Nigeria and  Japan. 

It will bring together thousands of high level key decision makers and well placed government representatives, key players in various industries and some of the world’s most renowned business executives.

This event will promote our bi-lateral trade relationship. It will assist individuals and companies participating to find overseas partners, license technology and help them expand and grow internationally. This trip will be tailored around specific business opportunities that abound with Japan and each delegate will surely benefit based on the nature of their business as well as meeting up with strategic growth objectives.

                                    

Nigeria - Japan Joint Trade Mission and Business Delegation 2021 will provide the needed platform for delegates to learn and be inspired by some of the most influential figures in the business world and beyond.

The program will feature multilateral trade talk, Bilateral, G2G meetings among others.

The Nigeria-Japan Joint Trade Mission and Business Delegation 2021 is scheduled to hold in Tokyo, Japan from the 3rd of October 2021 to the 10th of October 2021.

Challenges Facing Manufacturing Sector in Nigeria

 

According to research made by National Mailinfo media it is understood that despite the numerous opportunities in the manufacturing sector, only N5.73 trillion has been invested in it so far.

This research is in agreement with a report issued by the NESG on Friday. According to the report, the gap between announced investment and actual investment points to the low confidence level of investors in the real sector.

Report Highlights

1.   One major reason the manufacturing sector has not attracted significant investments when compared with those of other countries is policy and regulatory inconsistency. Frequent reversals of government policies on importation, lack of implementation of the provisions in national policy documents and regulatory lapses are key factors that have affected the manufacturing sector in Nigeria
2.   Between 2019 and 2020, investment announced stood at US$46.4 billion with the manufacturing sector accounting for 25% (US$11.56 billion) of these announced investments.
3. Actual FDI inflows into the economy in both years was US$1.96 billion (just 4% of announced investment) with sectors such as Telecoms, Trade, Agriculture and Manufacturing, accounting for the larger inflows (NIPC, 2021).

 

 Challenges facing the manufacturing sector

1. According to the World Bank (2021), businesses in Nigeria lose about $29 billion annually due to the country’s unreliable electricity.
2.    The Manufacturers Association of Nigeria (MAN) also confirmed that inadequate electricity supply and the high cost of alternative energy sources are the topmost challenges hampering the performance and growth of the sector.
3.   Other challenges such as port congestion and logistics bottlenecks are also important factors that limit the performance of the sector.
4. Bad road networks and inadequate electricity supply make it difficult for businesses to maximize returns and limit the cost of operations.
5.    Poor quality of infrastructure is the longest standing problem of the manufacturing sector in Nigeria and it has contributed to the high cost of production. It is a disincentive for investment despite huge potentials and a large consumer market in Nigeria.

 

 

Nigeria-Japan Joint Trade Mission and Business Delegation 2021, Tokyo Japan

Nigeria-Japan Joint Trade Mission and Business Delegation 2021 designed for Tokyo Japan, from the 3rd to 10th of October 2021 will have series of businesses in parade to be will exhibited, it also go a long way to promote made in Nigeria products like Garments, Textiles among others.

The Nigeria-Japan Joint Trade Mission and Business Delegation 2021 is one of the programs lined up by Trade Nigeria, as the organization look forward to connect with other nations of the world where they believe Nigeria can network for economic development.

                                
The Expo will bring market and investment opportunities associated with the development in the Nigeria Garment, Leather, Textile and other Industries.

It will help to facilitate investment opportunities within Nigeria and provide support to Local Traders, Investors and Manufacturers in Nigeria.

It will engage foremost business men and women, industrialist and other trade leaders of the society to come together for the production of fibres and fabric, for the production of apparel clothing and garments among others, and how the government can help to assist entrepreneurship, startups, sme and other developing industry.

                                    

The Expo will promote common ideas, serve common interests, and crave avenue for business networking, business development, investment, trade promotions and economic exchange.

The Nigeria-Japan Joint Trade Mission and Business Delegation 2021, Tokyo Japan  is powered by Trade Nigeria in conjunction with Globe Chamber of Commerce and Industry. The Trade mission is scheduled to take place in Tokyo, Japan from the 3rd to 10^th of October 2021.

The aforementioned subject is brought to you by National Mail

National Mail is an online news platform of Trade Nigeria and Globe Chamber of Commerce that focuses on business development, Investment, trade, economic exchange and development. 

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