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Nigeria/Indonesia trade volume rose to $2.46 billion in 2021 as both look to better relations

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Indonesia’s Ambassador to Nigeria, Amb. Usra Harahap has disclosed that bilateral trade volume between Africa’s biggest economy, Nigeria and   Indonesia rose to $2.46 billion in 2021.

Amb. Usra Harahap, made the claim while briefing journalists in Abuja on Tuesday.

“In 2016 it reached 1.59 billion dollars and in 2021 it increased to 2.46 billion dollars. Since the outbreak of Covid-19 pandemic in early 2020, however, there has been a drastic decline from 2.34 billion dollars in 2019 to 1.2 billion in 2020. The trade volume increased significantly in 2021 with Indonesia recording a deficit trade balance with increasing imports from Nigeria.” Harahap said.

“Indonesia’s main exports to Nigeria are clothing, food, paper products, pharmaceuticals, electronics, plastics, soaps, and lubricating oils.

“Meanwhile, Indonesia’s main imports from Nigeria are petroleum products, cotton, cocoa, and hides and shin,’’ he added.

The Ambassador further said that Indonesia’s main economic focus is improving economic relations with Nigeria, citing efforts made to introduce, promote and boost the bilateral economic relations of the two countries, as 25 Indonesia companies now invest in Nigeria.

“Our main focus is on the economic relations; we have made lots of effort to introduce, promote, as well as improve the bilateral economic relations of the two countries. Every year we organise Nigerian Businessmen to come to the Trade Expo Indonesia (TEI) and this year it will be held in October 2022.”

Nigeria is Indonesia’s second-largest trade partner in Africa after South Africa, in 2011 the trade value reached US$2.09 billion accounting for 21.66 percent of Indonesia’s total trade with Africa. In 2013, the bilateral trade volume between the countries hit $2.2 billion.

The diplomatic relations between Indonesia and Nigeria began in 1965 by the opening of the Indonesian Embassy in Lagos, as well as the Nigerian Embassy in Jakarta, which opened in 1976.

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World Bank predicts Mozambique economy growing at 5.7% on average

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The World Bank has predicted that the economic growth in Mozambique is expected to accelerate in the medium term averaging 5.7% between 2022 and 2024, as a result of demand recovery and economy benefits from the start of liquefied natural gas production this year.

In a report released Thursday, the World Bank said the start of LNG production at the offshore Coral Project and the expected resumption of other LNG projects would help spur the southeast African nation’s growth in the intervening year.

The World Bank said a three-year extended credit facility arrangement agreed by Mozambique with the International Monetary Fund (IMF) and budget support from other partners would further help to strengthen its economic recovery.

The IMF’s executive board had, in May, approved a $456 million program for the country, the first since the global lender suspended support to Mozambique six years ago.

However, the World Bank warned that risks remained for Mozambique’s growth, especially from rising import prices due to the conflict in Ukraine, a possible surge in COVID infection waves, and insurgency in the north.

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Nigeria, Algeria, Niger to revive Saharan gas pipeline talks

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The governments of Nigeria, Algeria and Niger Republic have held talks to revive a gas pipeline project across the Sahara which had been put on hold for over 40 years, with the potential opportunity for Europe to diversify its gas sources as the world faces a short fall as a result of the Russian-Ukraine war.

The three countries, represented by their various Petroleum Ministers, met in Abuja, Nigeria’s capital on Wednesday and resolved to set up a task force to revive the project and designated an entity to update the feasibility study.

A statement by Niger’s Oil Ministry after the two-day meeting stated that the Trans-Saharan gas pipeline project estimated at $13 billion, could send up to 30 billion cubic metres a year of supplies to Europe.

The statement added that the energy ministers of the three countries will meet again in Algiers at the end of July to “validate the proposals of the newly installed task force.”

“The pipeline should allow Europe to diversify its sources of natural gas supply but also allow several African states to access this high value energy source,” the statement said.

“With a length of 4,128 kilometres (2,565 miles), the pipeline would start in Warri, Nigeria, and end in Hassi R’Mel, Algeria, where it would connect to existing pipelines that run to Europe,” it said.

The gas pipeline idea was first proposed more than 40 years ago with an agreement signed between the three countries in 2009, but progress stalled stalled following a lack of follow through by the countries.

Earlier this month, Nigeria also took steps to revive another gas pipeline project that would pass through West Africa, Morocco to Europe.

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