International
INDONESIA-NIGERIA SIGN $10M MoUs TO BOOST TRADE, GAS APPLIANCES AND D-8 COOPERATION
By Iyojo Ameh
Indonesia and Nigeria have deepened bilateral trade ties with the signing of business deals worth $10 million USD at a business forum in Indonesia. The deals, involving Indonesian and Nigerian private sector players, cover commodity, wellness, and domestic gas appliances.
His Excellency Bambang Suharto,The Indonesian Ambassador described the ceremony as a historical moment for this year. In his words, “Today we are witnessing a very historical moment for this year. Having signing ceremony of MoU, business contract with their counterpart in Indonesia so the amount reaches in total 10 million US dollar or 5 million US dollar each,” he said.
He said the MoUs are in the commodity sector including wellness products, and noted that Indonesian companies operating in Nigeria have created local jobs and benefits.
On the trade imbalance where Indonesian brands are more visible in Nigeria than vice versa, he encouraged Nigerian firms to invest in Indonesia, noting both countries have large populations — Indonesia 270 million, Nigeria 233 million — and a demographic bonus.
Sheye Oyetade, Executive Director of Invest Nigeria, said his organisation came to service its MoU with the D-8 (Developing Eight) to ensure seamless trade between Nigeria and Indonesia. Both countries are members of the D-8, now nine with Azerbaijan.
He linked the deals to economic reforms under President Bola Tinubu’s administration which he said have opened the gateway for transnational trade. According Oyetade, “The signing of MoU is key because Africa is becoming the major darling of the world in terms of market. With our ever-growing population, by 2050 Nigeria will be the third largest populated country at about 400 million. Where the people are, there the market is,”
Michael Simon of RN Investments, Port Harcourt, said his company, an oil and gas servicing firm, signed with Indonesian company Winn Gas to bring affordable domestic gas appliances to Nigeria.
“The appliances we’re bringing are for domestic use, for the everyday consumer. The everyday man can essentially afford these appliances. We’re partnering with Shoprite, Nex and different cash and carry distributors across Nigeria,” he said. He disclosed long-term plans to open a factory in Indonesia and expand distribution to other African countries.
