New Telegraph

Nigeria, Indonesia trade volume to surpass $3bn

As Indonesia celebrates her 77th Independence Day, the Federal Government of Nigeria has disclosed that bilateral trade volume between the two countries was $2.6 billion in 2021. However, the Federal Government said that the country was looking forward to surpassing the current amount to $3 billion mark at the end of this year. Nigerian Ambassador to Indonesia, His Excellency, Ambassador Usman Ogah, made this known during the press conference on Nigerian Indonesian investment and trade forum on the 37th trade expo holding in Jakarta, Indonesia.

The diplomat explained that the bilateral trade volume had been favourable to Nigeria following Indonesia’s importation of Nigeria’s crude oil and non-oil products, including manufacturing, agriculture and others. Ambassador Ogah pointed out that bilateral trade volume between the two countries goes way back to 1965 and since then, there have been exchanges in bilateral trade, with Indonesia buying a lot of crude oil from Nigeria and other agricultural commodities, including hide and skin, cocoa and ginger, e.t.c.

In return, the Nigerian Ambassador to Indonesia noted that Nigeria too buys pharmaceutical products, fast moving consumers goods, clothing and other commodities from the Asian country. He disclosed that the trade balance between the two countries maybe good but that the two countries could do better by taking more opportunities in their endowed potential.

The diplomat stated that the trade expo holding in Jakarta from October 17 to 27, 2022, was an opportunity to attract more foreign direct investment into Nigeria, with over 150,000 to 200,000 participants expected to grace the trade expo in Indonesia. According to him, Nigeria wants to showcase the best of Nigeria to Indonesia and the world that beyond oil, the country has invaluable potentials in her non-oil sector that can revitalize her GDP.

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