Nigerian-Indonesia Trade Balance Up 81% to $4.7bn

2 June 2023
Vanguard (Lagos)
By Cynthia Alo

The trade balance between Nigeria and Indonesia has grown from $2.6 billion in 2021 to $4.7 billion in 2022 representing a significant growth of 80.77 percent.

President of the Nigerian-Indonesia Chamber of Commerce and Industry, Ishmael Balogun, disclosed this at the ongoing 2023 Equipment and Manufacturing West Africa Exhibition (EMWA 2023), themed, "Reigniting Manufacturing to Drive Economic Growth and Development.

Meanwhile, industry experts have emphasized the importance of embracing technology, human capacity building, and collaboration to reignite the manufacturing sector and drive economic growth and development in Nigeria.

Speaking at the event, Ishmael Balogun, President, Nigerian-Indonesia Chamber of Commerce and Industry, highlighted the significance of bilateral trade and investment, technological advancements, and global engagement.

He said that embracing technological advancements and engaging in global partnerships would enable businesses to explore new territories and create mutually beneficial opportunities.

"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," Balogun stated.

On his part, the Founder and CEO of ZenoLynk Technologies Limited, Tumi Adeyemi, said that to establish a thriving manufacturing sector that maximizes value addition and reduces dependence on imports, Nigeria's manufacturing industry must leverage technology to overcome challenges and unlock growth opportunities.

Founder, Zenith Exhibition and convener of EMWA, Amb. Joseph Oru, also stressed the importance of embracing technology and knowledge sharing in the manufacturing sector.

He described EMWA as a dynamic hub where cutting-edge technologies, revolutionary processes, and visionary minds converge.

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

Read the original article on Vanguard.

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