REPUBLIKA.CO.ID, JAKARTA - Indonesia and Nigeria agree to increase trade value up to five billion USD for the next three years during bilateral meeting between Indonesian Minister of Trade Gita Wirjawan, Chairman of Indonesian Investment Coordinating Board (BKPM) Chatib Basri and Nigeria's Investment Olusegun Olutoyin Aganga on Saturday in Abuja, Nigeria.
They also agreed to form Preferential Trade Agreement (PTA) to draft a road map for the development of trade and investment between both countries. "PTA with Nigeria is a right step to develop Indonesian industrial products to non-traditional markets," Wirjawan said on Monday.
The total trade value of Indonesia-Nigeria in 2011 is 2.1 billion USD, while the trade from January-October 2012 reached 2.7 billion USD. Indonesia always suffers deficit worth 1.5 billion USD in average every year due to oil import from Nigeria.
There are at least 11 Indonesian companies invest on food, polypropylene, medicine, soap and chemical products in Nigeria. Chatib Basri said the potency of Nigerian market was big due to its big population and developing economy.
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