VenturesNow

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

Published

1 year ago

April 27, 2022

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.

Related Topics:Featured Indonesia Nigeria

Click to comment

VenturesNow

Congo DR: President Tshisekedi visits China for mining renegotiations

Published

2 days ago

May 27, 2023

Ifeoluwa Dada

The President of the Democratic Republic of Congo, Félix Tshisekedi is currently on a visit to China to strengthen his country’s partnership with the Asian giant.

An official of Congo DR, Erik Nyindu Kibambe, while addressing journalists in Beijing, revealed that the trip was meant to be for the renegotiation of mining contracts. Kibambe maintained that talks were going “wonderfully.”

The president had previously promised to renegotiate mining contracts, in particular, the one signed in 2008 with China by his predecessor, Joseph Kabila (2001-2019), for better terms in favour of the country.

The president was received by a cheering audience and a line of honour and jubilant children between meetings with Mr Xi and Premier Li Qiang.

Mr. Li told Mr Tshisekedi that he believed “China-DRC relations will surely achieve greater development and benefit both peoples.”

A statement by the Chinese foreign ministry revealed that the countries were upgrading “the bilateral relationship from a win-win strategic cooperative partnership to a comprehensive strategic cooperative partnership.”

Congo is one of the most natural resource-rich nations, holding massive untapped deposits of minerals including cobalt, copper, diamonds and gold amounting to approximately $24 trillion.

China is a major investor in the country where it leads the lucrative mining sector with firms like Sicomines.

VenturesNow

Kenya, IMF agree terms for $3 billion Extended Credit Facility

Published

5 days ago

May 24, 2023

Ifeoluwa Dada

Kenya has reached an agreement that could unlock more than $3 billion of new financing with the International Monetary Fund (IMF).

The international lender and the country said the agreement could help relieve pressure on government finances in East Africa’s largest economy.

The agreement is the fifth review of Kenya’s External Credit Facility and Extended Fund Facility arrangements, an extension of the program and augmentation for access under a 20-month Resilience and Sustainability Facility.

Under the agreement, Kenya will get access to $544 million through the Resilience and Sustainability Facility, which is intended to support climate change adaptation and resilience. A total of $3.5 billion had been committed to funding for Kenya under the three facilities, and its executive board would likely consider the staff-level agreement in July.

The IMF stated that the medium-term outlook for the Kenyan economy remained favourable, although the economy had been strained by a challenging external environment. The IMF maintained that the planned fiscal consolidation was appropriate, while also protecting priority social spending.

“Exchange rate flexibility and proactive monetary policy will remain critical to preserving macroeconomic stability and supporting market confidence against the backdrop of a challenging global economic outlook and continued uncertainty in international financial markets,” IMF said in a statement.

Kenya has insisted that it would not default on its debt repayment obligations despite delayed payment of civil service salaries.

The country in April revealed plans to issue a new Eurobond to manage 2024’s maturity of a Ksh270 billion ($2 billion) 10-year bond.