• Sunday, December 10, 2023
businessday logo


Nigerian businesses eye Indonesia market for exports

Nigerian businesses looking to tap into the industrialisation and manufacturing sector of the economy have been urged to leverage the Trade Expo Indonesia (TEI) 2023 on the back of its trade balance.

Nigerian-Indonesia trade balance grew from $2.6 billion in 2021 to $4.7 billion in 2022 representing a significant growth of 81 percent, according to findings by BusinessDay

“My country already determined that Tinubu is a good economic president. So, we try to enhance our cooperation, especially for economy,” said Usra Hendra Harahap, ambassador of Indonesia in Nigeria, at the TEI 2023 press conference held at the Indonesia Trade Promotion Council (ITPC) Lagos.

According to Harahap, the TEI 2023 theme, ‘Sustainable Trade for Global Economic Resilience’ is scheduled for October 18 – 22, 2023 at the Indonesia Convention Exhibition (ICE) BSD City.

Speaking on how to build stronger economic ties between both countries, Harahap said Indonesia will leverage the economic know-how of President Tinubu for stronger economic ties.

According to him, Indonesia is ready to play in Nigeria’s critical mineral ecosystem. “We know Nigeria has potential business regarding the mineral sector,” he said.

Read also: PH City Chamber to facilitate bumper trade relations between Rivers, Indonesia

The ambassador said that the president of Indonesia has been to Kenya, Tanzania and South Africa as part of the Asian country’s move to grow its business ties with African countries. “Nigeria is the next destination travel for the economic relation,” he disclosed.

Ishmael Balogun, President, of the Nigerian-Indonesia Chamber of Commerce and Industry, said Nigerian businesses and entrepreneurs can tap into the industrialisation drive of the country via the TEI 2023.

Balogun highlighted the significance of bilateral trade and investment, technological advancements, and global engagement.

Read also: Nigeria’s budding trade opportunities with Indonesia amid an uncertain global economy

“Between 2021 and 2022, the trade balance between Nigeria and Indonesia has grown from $2.6 billion to $4.7 billion. We hope to open up new territories to discover more and expand our reach,” he said.

According to him, embracing technological advancements and engaging in global partnerships will enable businesses to explore new territories and create mutually beneficial opportunities.