Nigeria and Indonesia Trade Investment Reaches $3 Billion [December, 2017]

Nigeria and Indonesia trade investment has reached $3 billion, out of which $400 million worth of non-oil exports was transacted by the end of December, 2017.

Nigeria and Indonesia

According to the Director, Indonesia Trade Promotion Centre, Bagus Wicaksena, Nigeria non-oil exports to Indonesia had risen by 300 percent since the introduction of new policies on ease of doing business in Nigeria.

Wicaksena, who stated these during the unveiling of Indonesia-African forum, to be held in Bali between April 7 and 14, said Indonesia would continue to import more of Nigerian crude adding that there is potential of more trade relationship between his country and Nigeria.

He stated that Nigeria is Indonesia’s second biggest trading  partner in Africa; coming after South Africa.

He noted that the inaugural edition of the forum is an Indonesian government’s initiative to further promote sustainable trade and investment relationship between it and sub-Saharan Africa

The Chief Executive Officer, Goldmine Global Services, the partner of the forum, Ismael Balogun, said the trade volume between Indonesia and Africa as at 2016 was $7.6 billion, with Nigeria accounting for ₦2.5 billion adding that great business and investment opportunities still remained untapped.

Australia And Nigeria Trade Transactions Worth ₦100 Billion Between 2016 & 2017

The Australian High Commissioner to Nigeria, Mr. Paul Lehmann, has stated that trade transactions between Australia and Nigeria in 2016 and 2017 were worth about AUD $343 million, approximately about ₦100 billion.

scholarships

Mr. Paul Lehmann said:

“We estimate that Australia’s total two-way trade in goods and services with Nigeria was worth about AUD $343 million in 2016 and 2017, which is about ₦100 billion.

Many more Nigerians are choosing to study in Australia, which is becoming a key part of our trade relationship. A variety of Australian mining companies are also active in Nigeria.

As the Nigerian mining sector develops, I expect to see even more interest from Australian firms to help to grow the mining industry here, particularly in solid minerals.

I also see plenty of potential for trade and cooperation in our agricultural sectors, as well as different foods and beverages.’’

Mr. Lehmann commended the Nigerian Government’s effort at improving the country’s business and investment environment, adding that more Australian companies would want to do business in Nigeria when the environment becomes right.

According to him, beyond mining and agriculture, Australian firms have strong reputations in ICT, logistics and transport, health and financial services, among many other sectors.

Australia is a country and continent surrounded by the Indian and Pacific oceans. Its major cities – Sydney, Brisbane, Melbourne, Perth, Adelaide – are coastal. Its capital, Canberra, is inland and its largest urban area is Sydney.

Australia officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania and numerous smaller islands.

It is the largest country in Oceania and the world’s sixth-largest country by total area.

The neighbouring countries are Papua New Guinea, Indonesia and East Timor to the North; the Solomon Islands and Vanuatu to the North-East; and New Zealand to the South-East.

Nigeria And India Bilateral Trade Value Reaches $9.4 Billion In 2017

Indian High Commissioner to Nigeria, Mr. Nagabhushana Reddy, has disclosed that with improved levels of cooperation, Nigeria and India bilateral trade volume in 2017 was $9.4 billion.

In his words:

“India is now the largest trading partner of Nigeria globally and Nigeria is the largest trading partner of India in Africa with bilateral trade of 9.4 billion dollars last year.

Though, we are the largest purchaser of crude oil from Nigeria, there is room for improvement.

The trade balance is 80-20 where 80 percent is what we import from Nigeria and 20 percent we export which is essentially in pharmaceuticals, engineering equipment, automobile to some of the specialised products particularly in the power sector.

We also have some amount of fuel being sold here by Indian oil companies.”

Both countries have had existing relations in various areas including agriculture, defense, trade, capacity building, healthcare, infrastructure and socio-cultural relations.

India’s imports, however, declined significantly by 23 percent to 7.65 billion dollars during the period 2016 to 2017 as against 9.94 billion dollars registered during the period 2015 to 2016 due to the fall in crude oil prices in the international market.

The decline, however, did not affect India’s amount of oil imports from the country.

Furthermore, India’s exports to Nigeria declined from 2.22 billion dollars in 2015 to 2016 to 1.77 billion dollars in the period of 2016 to 2017 due to Nigeria’s internal security and economic recession.

The Indian high commissioner added that India was an emerging development partner of Nigeria with emphasis on sharing of knowledge and experience with a view to improve capacity building in diverse areas.

He reiterated that about 500 training programmes annually were offered under the India Technical and Economic Cooperation programme.

Furthermore, he reiterated the readiness and commitment of his government extend developmental assistance for projects of national importance to Nigeria.

 

January 26 marks the Republic Day of India and 2018 would mark the 70th anniversary of the country’s independence from colonial rule. 

Nigeria & China Trade Value Reaches $12.3 Billion [January-November, 2017]

The Deputy Chinese Ambassador to Nigeria, Mr. Lin Jing, has disclosed that the bilateral trade value between China and Nigeria recorded from January to November 2017 stood at $12.3 billion.

In the words of Mr. Lin:

“The bilateral trade is a very important mechanism to boost our economic relationship.

We do not have the total trade volume for the whole year, but for the total volume from January to November, bilateral trade stood at $12.3 bn.

That represents more than 30 percent of increase compared to the same period of 2016; we believe that by maintaining our normal trade volume, our overall economic relation and cooperation will be boosted and give impetus to our overall relationship.

Nigeria is the biggest Chinese investment destination in Africa, the second largest export market and the third largest trading partner of China in Africa.”

Nigeria and China established formal diplomatic relations in February 1971.

The envoy, however, said both countries, in 2005, established strategic partnerships to promote relations in several areas and enhance continued people-to-people exchanges.

He said such strategic partnership was fostered as a result of Nigeria’s importance to China.

Agreements by both countries following the strategic partnership paved way for Chinese investment and development opportunities in Nigeria.

Lin reiterated the Chinese Government’s commitment to exhaust its efforts to promote development programmes in Nigeria.

Mr. Lin further stated:

“There is also a concept initiated by my ambassador called made in Nigeria with China.

I think this is a very good concept; there are many private investors in China, they have the expertise, experience and surplus industrial capacity.

They need to find the market. All these conditions we will make use of to see whether we can try something successful here.

We have friends in Africa and we want to further cement our friendship and we believe that by supporting each other we are going to have bigger win-win scenario.”

Nigeria and China Trade Value Reaches $10 Billion [Jan-August, 2017]

The Consul General of the Peoples’ Republic of China to Nigeria, Mr. Chao Xiaoliang has disclosed that China-Nigeria bilateral trade volume reached 10 billion USD from January to August 2017, and investment from China reached $2.7 billion dollars.

Mr. Xiaoliang made the statement while giving an update on the Belt and Road Initiative, saying the cooperation has tremendously helped in promoting peace, stability and development of Africa and the world.

According to the CG, Nigeria is China’s strategic partner and this year, 2017, marks 46th anniversary of the establishment of China-Nigeria diplomatic ties. He said the two countries have gained fruitful achievements from this friendly and mutually beneficial cooperation in various facets of the countries’economy. He also said that by deepening China-Nigeria friendly relations, both countries have taken on arduous task of developmental strategies and have maintained very strong corresponding economic complementarities and enormous cooperative potential. He said the cooperation by the two countries have resulted to a win-win result, adding that the benefits of the ‘Belt and Road Initiative’ offers Nigeria an ideal platform and framework to conduct cooperation, not only with China, but with all participating countries. This he said will enable Nigeria obtain more opportunities to strengthen her infrastructure, diversify her economy and integrate with the world economy. He said Nigeria will equally take advantage of the Belt and Road Initiative as a strong driving force to help realise her own development strategy with more initiatives, efficiency, willingness and proper forms of participation.

In the words of Mr. Xiaoliang:

“The Belt and Road Initiative comprises more than physical connections, and aims at creating world’s largest platform for promoting policy, coordination, facilities connectivity, and unimpeded trade, in addition to financial integration and People-to-People bond. Since inception, over 100 countries and international organizations are in this initiative, and over 40 countries have already signed cooperation agreements with China.

Chinese president Xi said China should pursue the Belt and Road Initiative as a priority, give equal emphasis to ‘bringing in’ and ‘going global, follow the principle of achieving shared growth through discussion and collaboration, and increase openness and cooperation in building innovation capacity.

We will expand foreign trade, develop new models and new forms of trade, and turn China into a trader of quality, while adopting policies to promoting high-standard liberalization and facilitation of trade and investment.”

The CG also said that China will develop new ways of making outbound investments and promote international cooperation on production capacity.

He said China will also form globally-oriented networks of trade, investment and financing, production, and services, and build up strengths for international economic cooperation and competition.

The meeting also noted that from 2014 to 2016, a total trade between China and other Belt and Road countries exceeded 3 trillion US dollars and China’s investment in these countries surpassed $50 billion US dollars, detailing that Chinese companies have set up 56 economic cooperation zones in over 20 countries, and have generated 1.1 billion US dollar tax revenue and over 180,000 jobs.