Nigeria and Taiwan are set to sign a bilateral contract to boost the volume of trade between the two countries, which currently stands at 400million dollars.

Chief of Taiwan Mission at the Taipei Trade Office in Nigeria, Andy Yih-Ping Liu stated that the trade volume has enormous potential for growth as many Taiwanese investors are waiting for the renewal of bilateral agreement, which would provide a legal framework for the protection of investments.

Liu disclosed that a proposal had been sent to President Bola Tinubu on the need to renew the agreement to boost Nigerian-Taiwan relations.

He also said while the trade volume of $400m is infinitesimal compared to the $226bn with China, it can be improved upon with the renegotiation of the bilateral relation, which has been pending for the past 34 years.