The Nigerian Indonesian Chamber of Commerce and Trade (NICCI) has projected that the quantity of commerce between Nigeria and Indonesia to rise to not less than $5 billion by the point the 2024 official figures are launched.
President of NICCI, Mr Ishmael Balogun, said this at a information convention over the weekend in Lagos.
He said: “There have been progressive improve within the commerce quantity between Nigeria and Indonesia since 2019. Indonesia buys numerous items from Nigeria price about $2 billion yearly and we purchase electronics, fast-paced client items, family consumables, prescribed drugs.
“Commerce quantity in 2019 was at $1.9 billion {dollars} between each international locations, rose to $2.0 billion in 2020, taking on then from South Africa as Indonesia’s African largest buying and selling associate. The final official determine as at 2023 was $4.7 billion. And in our estimation, by the point the determine for 2024 is launched, it might be as much as $5 billion.”
In the meantime, Balogun has additionally revealed that the federal authorities has pledged help for the Nigeria-Indonesian Funding and Commerce Discussion board 2025, developing later within the 12 months in Jakarta, to spice up bilateral commerce between the 2 international locations and appeal to international funding into Nigeria.
He stated the Workplace of the Vice President, Mr Kashim Shettima, alongside key ministries and companies, had dedicated to bettering commerce figures between each nations.
Balogun added that the Vice President had directed the Presidential Enabling Enterprise Atmosphere Council (PEBEC) to coordinate related ministries, departments and companies (MDAs). These embrace the ministries of trade, commerce and funding, agriculture, and well being, together with NIPC, NEPC, and different strategic commerce our bodies.
He stated that the fortieth Indonesian Commerce Expo would maintain from October 15 to 19 in Jakarta, Indonesia, including that the Nigerian-Indonesian Funding and Commerce Discussion board would then comply with from October 21 to 23, additionally in Jakarta.
The NICCI president confused the necessity for each nations to deepen efforts, enhance commerce volumes, and strengthen their enduring bilateral relationship.
To encourage Asian market growth into Nigeria, he stated NICCI has eased visa, lodging, and tourism procedures for members.
Nigeria and Indonesia at the moment commerce in sectors like oil, manufacturing, FMCG, home items, prescribed drugs, agriculture, and electronics, amongst others.
The publish Nigeria, Indonesia trade projected to hit $5bn appeared first on Vanguard News.
