July 14, 2024
GLOBAL BUSINESS: Nigeria, Indonesia trade volume rise 83% to $4.78bn
GLOBAL BUSINESS: Nigeria, Indonesia trade volume rise 83% to $4.78bn
– By Alison Godswill

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GLOBAL BUSINESS: Nigeria, Indonesia trade volume rise 83% to $4.78bn

By Eyo Nsima

The trade volume between Nigeria and Indonesia has risen by 83 percent to $4.78 billion in 2022, from $2.61 billion in 2021.

The Nigeria Indonesia Chamber of Commerce and Industry (NICCI) in collaboration with the Indonesia Trade Promotion Centre (ITPC) and the Indonesian Embassy in Nigeria has disclosed plans to host the 2023 Trade Expo Indonesia (TEI 2023) next month in BSD City, Tangerang, Indonesia.

Speaking at a press conference to announce the event in Lagos, the Indonesian ambassador to Nigeria, Dr. Usra Harahap, said: “In 2022, the trade volume between Indonesia and Nigeria attained $4.78 billion of which the total import to  Indonesia from Nigeria amounts to about $4.32 billion with exports from Indonesia to Nigeria at only $459 million.

“Therefore, it reflects the high untapped potential of Indonesia and Nigeria trade which could be further improved.

“In 2022 with the huge volume of trade realized at the TEI event that attained $15.8 billion, we are confident that Nigeria as a strategic partner with Indonesia having a huge and rich market potential stands a better chance in 2023 to stake a higher trade volume than the previous year.”

He added: “We welcome the active participation of diverse sectors of the Nigerian business community in playing a more active and engaging role this year in the presentations, seminars and speeches at the international business forum in TEI.”

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