The Nigerian-Indonesia Chamber of Commerce and Industry has disclosed that the trade balance between Nigeriqa and Indonesia has increased significantly by 80.77 per cent to reach $4.7bn in 2022, from $2.6bn in the prior year.
The President of the chamber, Ishmael Balogun, disclosed this at the 2023 Equipment and Manufacturing West Africa Exhibition themed “Reigniting Manufacturing to Drive Economic Growth and Development”, recently in Lagos.
This was as industry experts at the event emphasised the importance of embracing technology, human capacity building, and collaboration to reignite the manufacturing sector and drive economic growth and development in Nigeria.
Speaking at the event, Balogun highlighted the significance of bilateral trade and investment, technological advancements, and global engagement.
He emphasised that embracing technological advancements and engaging in global partnerships would enable businesses to explore new territories and create mutually beneficial opportunities.
Balogun said: “It will also be pleasing to let you know that between 2021 and 2022, the trade balance between Nigeria and Indonesia has grown from $2.6bn to $4.7bn. We hope to open up new territories to discover more and expand our reach.”
According to the Founder and CEO of ZenoLynk Technologies Limited, Tumi Adeyemi, a strong manufacturing base ensures self-sufficiency, reduces import dependency, and stimulates exports, thus bolstering the country’s trade balance.
He noted that the Nigerian manufacturing industry had over the years faced numerous obstacles such as inadequate infrastructure, unreliable power supply, limited access to finance, bureaucratic bottlenecks, and inconsistent policies.
Adeyemi said that to establish a thriving manufacturing sector that maximises value addition and reduces dependence on imports, Nigeria’s manufacturing industry must leverage technology to overcome challenges and unlock growth opportunities.
He further described the African Continental Free Trade Area agreement as a golden opportunity for Nigeria’s manufacturing industry.
“By capitalising on this vast market of 1.3 billion people and eliminating trade barriers, Nigerian manufacturers can expand their reach, tap into new markets, and boost export-oriented production,” he added.
Adeyemi called for strategic planning, increased competitiveness, and product diversification to position Nigeria’s manufacturing sector as a regional powerhouse.
The former Director of Industry Trade and Investment, Abubakar Aliu stressed on the potential of the African Continental Free Trade Area agreement in promoting industrialisation in Africa.