NICC Discloses Nigeria-Indonesia Trade Grew To $4.7bn In 2022

According to the Nigerian-Indonesia Chamber of Commerce and Industry, the trade balance between Nigeria and Indonesia has increased significantly by 80.77 per cent to reach $4.7bn in 2022, from $2.6bn in the prior year.

This was disclosed by the President of the chamber, Ishmael Balogun, at the 2023 Equipment and Manufacturing West Africa Exhibition themed “Reigniting Manufacturing to Drive Economic Growth and Development”, recently in Lagos.

Speaking at the event, Balogun identified the significance of bilateral trade and investment, technological advancements, and global engagement.

Balogun said: “It will also be pleasing to let you know that between 2021 and 2022, the trade balance between Nigeria and Indonesia has grown from $2.6bn to $4.7bn. We hope to open up new territories to discover more and expand our reach.”

Similarly, the Founder and CEO of ZenoLynk Technologies Limited, Tumi Adeyemi, said a strong manufacturing base ensures self-sufficiency, reduces import dependency, and stimulates exports, thus bolstering the country’s trade balance.

Adeyemi further noted that to establish a thriving manufacturing sector that maximises value addition and reduces dependence on imports, Nigeria’s manufacturing industry must leverage technology to overcome challenges and unlock growth opportunities.

“By capitalising on this vast market of 1.3 billion people and eliminating trade barriers, Nigerian manufacturers can expand their reach, tap into new markets, and boost export-oriented production,” he added.

The former Director of Industry Trade and Investment, Abubakar Aliu advised on the potential of the African Continental Free Trade Area agreement in promoting industrialisation in Africa.