JAKARTA - Minister of Trade Zulkifli Hasan held a meeting with Nigeria's Minister of Industry, Trade and Investment Mariam Yalwaji Katagum in Jakarta, Wednesday (26/10). At the meeting, the two Ministers discussed opportunities to increase bilateral trade cooperation between Indonesia and Nigeria.
The meeting began with the delivery of information and the development of bilateral trade relations between the two countries. Both Ministers view that the current bilateral trade between the two countries has not been maximized so that it still has a great opportunity to be increased.
“Bilateral trade relations between Indonesia and Nigeria can continue to be improved. I am optimistic that the total trade between the two countries will continue to increase to reach USD 4 billion. For that we need concrete efforts for both countries to encourage increased trade and investment," said Trade Minister Zulkifli H.
As one of the efforts to achieve balanced bilateral trade, Minister of Trade Zulkifli Hasan emphasized that the initial focus was on building ecosystems. This includes the relaxation of trade barriers, both tariff and non-tariff, which in turn is reflected in changes to regulations for both parties. Furthermore, the Minister of Trade Zulkifli Hasan believes that Africa and Asia are the driving force of the world economy (trade centers) in the future.
In the January-August 2022 period, the total trade between the two countries reached USD 3.41 billion, a significant increase of 138.57 percent compared to the same period the previous year which was recorded at USD 1.4 billion. Meanwhile, in 2021, the total trade between the two countries reached USD 2.51 billion.
Indonesia's main export products to Nigeria include margarine, paper and paperboard, palm oil and its fractions, and sauces. Meanwhile, Indonesia's imports from Nigeria include petroleum, cocoa beans, unwrought aluminum, zinc ore, and sheepskin. (LM)