NIGERIA, INDONESIA DEEPEN TRADE TIES BEYOND $3BN

 Nigeria and Indonesia are seeking to expand their bilateral trade and investment relationship, with annual trade between both countries already exceeding $3bn.

Indonesian Ambassador to Nigeria, Bambang Suharto, disclosed this in Abuja, saying the two countries were working to deepen economic cooperation and create more opportunities for businesses.

Suharto said the existing trade relationship provided room for further cooperation in areas including investment, technology transfer and local production.

He said both countries could benefit from stronger business-to-business relationships and increased movement of goods and services.

The ambassador noted that Indonesia had experience in several sectors that could support Nigeria’s development, while Nigeria offered opportunities in areas including agriculture, energy and other parts of its large consumer market.

Both countries are also exploring ways to encourage greater private-sector participation in bilateral economic activities.

The Nigerian and Indonesian governments are expected to continue engaging businesses and investors to identify areas where trade and investment can be expanded.

The relationship is also expected to benefit from stronger cooperation in technology and industrial development.

Officials from both countries said the existing trade volume could grow further if barriers to investment and business cooperation were addressed.

The two countries are therefore seeking to move beyond the current $3bn-plus annual trade relationship and strengthen their broader economic partnership.