Indonesia targets $5b trade volume with Nigeria

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foreign investors rushing to nigeriaIndonesia has planned the enhancement of trade with Nigeria, as it targets $5 billion  volume of trade with Nigeria within the next three years, GlobalPost, America’s world news site, quoted a senior official at the trade ministry.

According to the report, the trade enhancement is based on the fact that both countries have large populations and have continued to see high economic growth in the last few years.

The move was also part of the Indonesian government’s plan to seek alternative markets for its exports, following the economic downturn in Europe and the United States, two economies that have been major markets for Indonesian commodities.

“We would prioritize competitive commodities in trade enhancement with the involved countries,” Director General of the National Export Development at the trade ministry, Nus NuzuliaIshak, said in her office.

NuzuliaIshak said sectors that have been picked to enhance trade with Nigeria are food and beverages, energy and related businesses and airplane maintenance to facilitate connectivity between the two countries.

“Nigeria is an influential country in Africa. Should Indonesia be able to establish strong ties with that country, it would be capable to cooperate with Africa,” she said.

NuzuliaIshak added that Indonesia is now apparently the largest trade partner to Nigeria in the Southeast Asia region, noting that strong growth was recorded in two-way trade volume between the two nations in 2012 which reached $3.18 billion or 50 per cent higher than $2.09 billion in 2011.

Indonesia exports oil, vegetable fat, paper products, pharmacy, soap, electronics to Nigeria, while Nigeria exports oil, cotton and leather to Indonesia.