The Director of Indonesian Trade Promotion Centre, Mr. Hendro Jonathan has disclosed that the value of Nigeria- Indonesia trade currently stands at $459 million, which he describes as a positive growth sign for both countries.
He explained that in the bilateral trade relationship with Nigeria, the conversation has always being on the value of trade, not volume.
According to him, in terms of trade volume, it is positive for Nigeria, because export from the West African country is higher when compared with the imports from Indonesia.
Jonathan, who stated this in Lagos, during a media briefing to announce the Equipment and Manufacturing West Africa (EMWA) 2021 exhibition, with the theme: ‘Industrialisation and Innovation: Revitalising the industrial Sector to Unlock Nigeria’s Potential,’ noted that the total volume of trade between Nigeria and Indonesia stands at $2 billion, and still growing.
He further stated that for Indonesia to be at par with Nigeria in terms of trade surplus, there was need for the country to import more commodities to Nigeria to the tune of $459 million.
According to him, “Nigeria sells more to Indonesia when we compare it. Therefore the trade balance is more positive on the Nigeria side than Indonesia. However, we are increasing our import gradually and hopes to be even with Nigeria.
“We import crude oil, used cartons, rubber latex from Nigeria and export pharmaceutical products, palm oil, paper products, printing materials, vehicle tyres and textile to Nigeria.”
Earlier in his remarks, the Managing Director, Zenith Exhibition, Joseph Oru, stated that the exhibition would take place from April 27th -29th, in Lagos, adding that the expo would serve as a platform for businesses involved in the industrial and manufacturing value chains to reconnect once again, especially after the unprecedented times experienced in 2020.
He also said the 3-day expo would be unique as it runs side-by-side with conference sessions and creates an opportunity for free trainings, access to finance and networking across the industrial sector, “aimed at providing solutions for the industry.”
Continuing, Oru said: “The trade and services industries account for a large proportion of economic activities. It boosts tourism, activates knowledge transfer, enhances partnerships and collaborations.
“It also contributes to the Gross Domestic Product (GDP) of a country and creates employment opportunities. We are confident that this expo presents tremendous opportunities for Nigerian businesses and it will go a long way to animate trade and commerce in Nigeria.
“With extensive industrialisation plan of the present administration, we decided to host the industry and hope that this expo will serve as a catalyst to economic recovery.”