Nigeria-Indonesia Trade Increased To $4.7 Billion In 2022, Says NICC

The trade balance between Nigeria-Indonesia has increased by more than 80%, reaching $4.22 billion in 2022.

The Nigerian-Indonesia Chamber of Commerce and Industry (NICC)'s president, Ishmael Balogun, shared this during the Equipment and Manufacturing West Africa (EMWA) Exhibition held on Thursday under the theme of "Reigniting Manufacturing to Drive Economic Growth and Development."

"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," Balogun said during the event, Punch reported. "We hope to open up new territories to discover more and expand our reach."

During the exhibition, founder and CEO of Business management consultant company ZenoLynk Technologies Limited, Tumi Adeyemi, shared the importance of a strong manufacturing base and reduced import dependency for the trade balance.

Adeyemi acknowledged the fact that Nigeria's manufacturing industry has been facing numerous problems, including inadequate infrastructure, electricity crisis, limited finance and inconsistent policies.

He advised that to ensure a thriving manufacturing sector in Nigeria, the industry must improve its technology and unlock more opportunities.

"By capitalizing 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.

Founder of Zenith Exhibition and convener of EMWA Joseph Oru also agreed with Adeyemi and emphasized embracing technology in the manufacturing industry.

"EMWA is a dynamic hub where cutting-edge technologies, revolutionary processes, and visionary minds converge," Oru said, Vanguard reported. "It is a platform where manufacturers, suppliers, industry experts, and stakeholders come together to showcase their latest advancements, exchange knowledge, and forge fruitful collaborations."

EMWA is a platform where industry innovators can connect across West Africa in order to grow their businesses.

This platform provides opportunities to those businesses that are involved in Additive Manufacturing, Machine Technology, Control and Instrumentation, Health and Safety, Industrial Automation, Industrial Engineering and Maintenance, Industry 4.0 and IoT Applications, Tooling, Welding, Forming, and Cutting.

Participating in EMWA allows businesses to build brand recognition, generate sales, research the market, create media interest, promote goodwill, cement existing relationships, launch new products, educate customers, collect high-quality leads, and do networking.

Considering trade between Nigeria and Indonesia, the countries have shared bilateral trade relations for many years. They have been growing the trade steadily over the years as Nigeria majorly exports crude oil, natural gas, agricultural products, and solid materials to Indonesia.

Whereas, Indonesia exports products like textiles, automotive components, machinery, palm oil, and consumer goods to Nigeria.

On the investment front, several Indonesian investors have bankrolled several Nigerian sectors, including agriculture, infrastructure development, manufacturing, and renewable energy.