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Nigeria, Indonesia Annual Trade Hits $2bn

05 Feb 2013

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Minister of Trade and Investment, Mr. Olusegun Aganga

Crusoe Osagie

Nigeria – Indonesia trade volume currently stands at about $2 billion, the Indonesian Minister of Trade, Mr. Gita Wirjawan,  has said.

Speaking at  the Nigeria–Indonesia Bilateral Trade Meeting and Business Luncheon in Abuja at the weekend, he said the two countries had enhanced business activities in recent times especially in the agricultural and oil and gas sectors.

“Indonesia is currently a trillion dollar economy , with trade volume with Nigeria at about $2billion," Wirjawan said.

The Nigerian Minister of Trade and Investment, Mr. Olusegun Aganga, who co-chaired the meeting, said both countries would work together to double the trade volume by 2015. He noted that Nigeria and Indonesia would come up with strategic and implementable action plans to ensure that both countries leveraged their cordial bilateral trade relationship to boost trade and increase Foreign Direct Investment.

Aganga said, “It is good to have country-to country discussions and bilateral agreements but at the end of the day, most of these things come down to the people and how they put discussions and agreements into action. The Indonesian Minister of Trade and I have agreed that our technical teams will come together and put together a strategic plan for Nigeria and Indonesia, which we will implement going forward.

“In terms of trade, we have already set targets for ourselves in terms of where we want to be and what we want to achieve. One of our major objectives is to double the bilateral trade between the two countries by 2015, particularly when we have met and had bilateral discussions and agreements. We will work together to make sure that this happens.”

The Minister said that the teams were working together to create a vehicle that would make it easier for the private sectors of both countries to flourish and co-invest in different sectors of the economy.

Aganga said, “I see this meeting as a symbiotic relationship between the two countries. Indonesia is about a trillion-dollar economy. They have some similarities with Nigeria in terms of natural resources in agro-commodities and oil and gas. One of the major decisions taken by the Indonesian trade minister and I is that we will create a vehicle that will make it easier for the private sector of both countries to flourish and co-invest in the different sectors of the economy.
“In line with our Industrial Revolution Plan, one of the things that we want to do in terms of growing the value chain, is to identify areas where we have competitive and comparative advantage so that we can attract more investments into these areas in order to create jobs, generate wealth and transform our economy.”

Speaking during the event, the Indonesian trade minister said that a Preferential Trade Agreement between Nigeria and Indonesia would soon be concluded as part of efforts to increase trade and investment between the two countries.

He said, “Nigeria has been recognised globally as the biggest market for Foreign Direct Investment in Africa. This is very important for us, especially given the huge human and natural resource base in Nigeria. There are over 15 Indonesian companies currently operating and doing well in Nigeria.

"One of the major things that we want to do in the nearest future, is how to work out a Preferential Trade Agreement (PTA) between Nigeria and Indonesia so that we can increase the current level of trade and investment in both countries. Hopefully, this will come into effect very soon.

Tags: Business, Nigeria, Featured, Indonesia, Annual Trade, $2bn

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