Finance

Nigeria-Indonesia trade balance hits $4.7bn, as experts task manufacturers on tech.

From Left: President, Nigerian Indonesian Chamber of Commerce (NICCI), Ishmael Balogun; Business Line Manager, Sub-Saharan Africa at Atlas Copco Nigeria, Olusola Aluko; Managing Director, Zenith Exhibitions, Joseph Oru; former director, trade, Federal ministry of industry, trade and investment, Abubakar Aliyu; head, customer acquisition, CLOUDSA Africa subsidiary of Signal Alliance Technology Holding, Bright Ubamadu, Bright Ubamadu; head, of product, Zenolynk Technology Limited, Eve Nnaji, during the 2023 Equipment and Manufacturing West Africa exhibition and conference in Lagos.

The trade balance between Nigeria and Indonesia has grown from $2.6 billion in 2021 to $4.7 billion in 2022 representing a significant growth of 80.77 percent.

President of the Nigerian-Indonesia Chamber of Commerce and Industry, Ishmael Balogun, disclosed this at the 2023 Equipment and Manufacturing West Africa Exhibition (EMWA), themed “Reigniting Manufacturing to Drive Economic Growth and Development.

This is even 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.

Read:  IN NUMBERS: Nigeria’s data protection market valued at N2.2billion

Speaking at the event, Balogun highlighted the significance of bilateral trade and investment, technological advancements, and global engagement.

He emphasized 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 $2.6 billion to $4.7 billion. We hope to open up new territories to discover more and expand our reach.”

On his part, the Founder and CEO of ZenoLynk Technologies Limited, Tumi Adeyemi,  described a strong manufacturing base as one that ensures self-sufficiency, reduces import dependency, and stimulates exports, thus bolstering the nation’s trade balance.

According to him, the Nigerian manufacturing industry has over the years, faced numerous obstacles such as inadequate infrastructure, unreliable power supply, limited access to finance, bureaucratic bottlenecks, and inconsistent policies.

Read:  ‘Cloud tech vital to economic recovery’

However, Adeyemi said that to establish a thriving manufacturing sector that maximizes value addition and reduces dependence on imports,Nigeria’s manufacturing industry must  leverage technology to overcome challenges and unlock growth opportunities.

He further pointed out the African Continental Free Trade Area (AfCFTA) agreement as a golden opportunity for Nigeria’s manufacturing industry. “By capitalizing 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.

 Former Director of Industry Trade and Investment, Abubakar Aliu,also stressed on the potential of the African Continental Free Trade Area (AfCFTA) agreement in promoting industrialization in Africa.

Aliu urged manufacturers to capitalize on this vast market and eliminate trade barriers.

Read:  Nigeria’s CcHUB launches Music-Tech Innovation Challenge 2020

He stated, “The AfCFTA presents a tremendous opportunity for our manufacturers. By leveraging this agreement, we can expand our reach, tap into new markets, and drive economic growth. However, we need collaboration, innovation, and investments in human capital development to create a sustainable and robust system.”

Founder, Zenith Exhibition, and the convener of EMWA, Amb. Joseph Oru, also stressed on the  importance of embracing technology and knowledge sharing in the manufacturing sector.

He described EMWA as a dynamic hub where cutting-edge technologies, revolutionary processes, and visionary minds converge.

Oru stated, “EMWA is a dynamic hub where cutting-edge technologies, revolutionary processes, and visionary minds converge. It is a platform where manufacturers, suppliers, industry experts, and stakeholders come together to showcase their latest advancements, exchange knowledge, and forge fruitful collaborations.”

He advised the SMEs  to take advantage of the platform as a way to push further for the growth of the sector .

Related posts

NGX rebounds as capitalisation increases by N78 billion

NigGal

Unity Bank grows gross earnings to N57 billion in 2022 FY.

NigGal

Nigeria’s economy grew by 3.98% in Q4  2021, says NBS

NigGal

ZirooPay to tap Africa’s $500bn  retail market with mobile PoS technology

NigGal

Naira slump: CBN clamps down on speculators, restricts diaspora remittances

NigGal

Firm wins multiple awards

NigGal

Leave a Comment