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

Published

3 years 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

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IMF mission concludes 4th loan program assessment in Egypt

Published

3 days ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

4 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.