Finance

Indonesia-Nigeria trade volume rises to $2.46 billion in 2021


Trade volume between Indonesia and Nigeria rose to $2.46 billion in 2021, as the southeast Asian country seeks closer economic ties with Nigeria.

This was disclosed by Amb. Usra Harahap, Ambassador of Indonesia to Nigeria, during a press briefing in Abuja on Tuesday, according to the News Agency of Nigeria.

He added that Indonesia’s main economic focus is improving economic relations with Nigeria, citing efforts made to introduce, promote and boost the bilateral economic relations of the two countries, as 25 Indonesia companies now invest in Nigeria.

What the Indonesian ambassador is saying

On Trade volumes between Indonesia and Nigeria, Amb. Harahap stated that “In 2016 it reached 1.59 billion dollars and in 2021 it increased to 2.46 billion dollars.

“Since the outbreak of COVID-19 pandemic in early 2020, however, there has been drastic decline from 2.34 billion dollars in 2019 to 1.2 billion in 2020.

“The trade volume increased significantly in 2021 with Indonesia recording deficit trade balance with increasing imports from Nigeria.

“Indonesia’s main exports to Nigeria are clothing, food, paper products, pharmaceuticals, electronics, plastics, soaps, and lubricating oils.

“Meanwhile, Indonesia’s main imports from Nigeria are petroleum products, cotton, cocoa, and hides and shin,’’ he added.

On economic relations between both countries, he stated “Our main focus is on the economic relations; we have made lots of effort to introduce, promote, as well as improve the bilateral economic relations of the two countries.

Every year we organise Nigerian Businessmen to come to the Trade Expo Indonesia (TEI) and this year it will be held in October 2022.

He urged that in the tourism sector, Indonesia since March 2022, already uplifted the quarantine policy for foreign visitors and recently introduced and opened the “Bali Warm-Up Vacation”.

In this connection, we invite Nigerians to come to Indonesia to enjoy tourism attractions in various places,” he said.

He described Indonesia-Nigeria diplomatic relations as dynamic, filled with harmony, mutual understanding and a strong desire to gain positive development.

“The diplomatic relations between Indonesia and Nigeria began in 1965 by the opening of the Indonesian Embassy in Lagos, as well as the Nigerian Embassy in Jakarta, which opened in 1976.

“Indonesia is of the view that Nigeria is our strategic partner in Africa, as well as in global arena; the two countries have a strong sense of responsibility to face regional and global challenges.

“The two countries still have to discuss certain issues of cooperation in the field of oil and gas, counter-terrorism, youth and sports, education, culture, fisheries, agriculture and defence cooperation deeper.” he said.



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