Business

August 29, 2023

Nigeria, Indonesia trade volume up 83% to $4.78bn

Nigeria, Indonesia trade volume up 83% to $4.78bn

*As chamber unveils plan for 2023 Trade Expo 

By Yinka Kolawole 

The trade volume between Nigeria and Indonesia jumped by 83 percent to $4.78 billion in 2022 from $2.61 billion in 2021, underlining the huge trade potential between the two countries.

To further boost trade relations between the countries, the Nigeria Indonesia Chamber of Commerce and Industry (NICCI) in collaboration with the Indonesia Trade Promotion Centre (ITPC) and the Indonesian Embassy in Nigeria have announced plans to host the 2023 Trade Expo Indonesia (TEI 2023).

The TEI 2023, which is the 38th edition, is scheduled to hold from October 18 to 22, 2023 in BSD City, Tangerang, Indonesia.

Speaking at a press conference to announce the upcoming event in Lagos, Indonesian ambassador to Nigeria, Dr. Usra Harahap, noted that TEI 2023 is a pivotal event fostering international economic collaboration. 

According to him, the Expo presents a unique platform for businesses worldwide, unlocking enhanced trade prospects and investment avenues.

His words: “In 2022, the trade volume between Indonesia and Nigeria attained $4.78 billion  of which the total import Indonesia from Nigeria amounts to about $4.32 billion with exports Indonesia to Nigeria at only $459 million. 

“Therefore, it reflects the high untapped potential of Indonesia and Nigeria trade which could be further improved. 

“In 2022 with the huge volume of trade realized at the TEI event that attained $15.8 billion, we are confident that Nigeria as a strategic partner with Indonesia having a huge and rich market potential stands a better chance in 2023 to stake a higher trade volume than the previous year.”

Harahap added that TEI 2023 is a continuation from the previous edition which will further present 7 product zones: Food & Beverages; Fashion, Textile & Accessories; Chemical, Energy & Industrial Product; Beauty & Personal Care; Medical Equipment & Healthcare; Home Living; Digital & Services.

“We welcome the active participation of diverse sectors of the Nigerian business community in playing a more active and engaging role this year in the presentations, seminars and speeches at the international business forum in TEI,” he added.