Jakarta,
June 24, 2017 (Antara) - Indonesia and Nigeria, which are among the most
populous countries in the world, realize they have untapped potential in
the areas of trade and investment that are waiting to be explored
further.
Besides this, Indonesia and Nigeria are two major economies in their regions, with economic advantages that complement each other.
Besides this, Indonesia and Nigeria are two major economies in their regions, with economic advantages that complement each other.
Hence, it is only natural for the trade and investment relations between the two countries to be forged and stepped up.
Both
countries are also aware that they need to address the fact that
Indonesia's trade with Nigeria has, so far, been conducted through third
parties, leading to inefficiency and additional costs.
Direct trade will be more beneficial to both countries.
Indonesian
Foreign Affairs Minister Retno L.P. Marsudi, during a visit to Nigeria
on June 5, 2017, conveyed to Nigerian Vice President Yemi Osinbajo, who
is also the country's acting president, that bilateral trade between
both nations should be conducted directly, particularly in oil and
gas.
"The acting president of Nigeria agreed that direct trade is an attempt to reduce prices," the minister stated.
The total value of trade between Indonesia and Nigeria in 2016 was recorded at US$1.5 billion.
"The acting president of Nigeria agreed that direct trade is an attempt to reduce prices," the minister stated.
The total value of trade between Indonesia and Nigeria in 2016 was recorded at US$1.5 billion.