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Nigeria-Indonesia trade hits $4.78bil in 2022 from $2.61bil in 2021

Published

1 year ago

August 30, 2023

Nigeria’s trade value with Indonesia scaled to $4.78 billion in 2022 from $2.61 billion in 2021, demonstrating the strong commerce relations between the two nations.

Indonesian ambassador to Nigeria, Dr. Usra Harahap, made the position known at a press conference while commenting on the Trade Expo Indonesia (TEI). He noted that the pivotal event fostered international economic collaboration.

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

“In 2022, the trade volume between Indonesia and Nigeria attained $4.78 billion of which the total import of Indonesia from Nigeria amounts to about $4.32 billion with exports from 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.

“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 stated.

The second-largest trade partner of Indonesia in Africa, behind South Africa, is Nigeria. More than 15 Indonesian businesses, including Indorama, Indofood, Kalbe Farma, and Sayap Mas Utama, are actively functioning in Nigeria.

Since 1995, Indofood, for instance, has operated the biggest factory in Africa for instant noodles at its instant noodles factory in Nigeria, where Indomie has grown to be a well-known brand.

Related Topics:Featured Indonesia Nigeria

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Moroccan annual inflation rises to 0.8% in November

Published

5 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

6 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”