Indonesia Discusses CPO-Cosmetics Export Potential with Nigeria

Minister of Trade Zulkifli Hasan held a bilateral meeting during a working visit on the sidelines of a meeting of trade and investment ministers of the Trade Organization of Islamic Cooperation/OIC (Trade Preferential System-Organization of Islamic Cooperation/TPS-OIC) countries in Turkey. Zulhas held a meeting with Nigerian Trade Minister Doris Uzoka-Anite. A number of important issues regarding trade between the two countries, one of which is the potential for exporting a number of Indonesian products to Nigeria and vice versa.

“Nigeria needs a lot of Indonesia’s export potential, such as palm oil (Crude Palm Oil/CPO), motor vehicle spare parts, wood products and beauty/cosmetic products. Apart from that, Indonesia also needs Nigerian products such as cocoa beans, agricultural products, gold , and metal products such as aluminum,” explained Zulhas in his statement, quoted Wednesday (12/6/2024).

Apart from that, the two also discussed developments in economic growth and the potential for strengthening trade cooperation between the two countries. If we look at the trade trend figures between the two countries over the last five years (2019-2023), they tend to show quite good results, although not yet optimal. According to records from the Ministry of Trade (Kemendag), trade figures between the two countries experienced growth of 30% with a total trade value reaching US$ 4.4 billion.

“Bilateral trade growth increased by 30% but can still be increased because Nigeria is the largest country in the region with rich natural resources,” he said.

Therefore, Zulhas said that cooperative relations between Indonesia and Nigeria could continue to be improved. This step is considered important so that both countries can experience the same benefits.

“Indonesia hopes that the bilateral PTA (Preferential Trade Agreement) with Nigeria can soon be realized where Indonesia already has a lot of experience in trade agreements with a number of countries in other regions. So, with the PTA we hope to accelerate trade between the two countries. If this cooperation goes well in the future can be improved,” he said.

“Indonesia and Nigeria are the main economic powers in their respective regions. Nigeria is the economic power on the African continent, Indonesia is the main economy in Southeast Asia,” he continued.

Zulhas also reported that the Nigerian government welcomed the meeting positively. Moreover, many Indonesian companies have currently invested in Nigeria.

“Nigeria welcomes this meeting. Indofood and Kalbe Farma are already present in Nigeria. Indofood is one of Nigeria’s largest exporters and KADIN is also very active in promoting Indonesian companies in Nigeria. Nigeria’s population of 250 million, similar to Indonesia, has potential for Indonesian motor vehicle exports “Nigeria has several products that can be explored,” he said.

Finally, seeing the great potential of Nigeria, which is rich in natural resources, and ready to invite investors from Indonesia, Zulhas will invite KADIN and Indonesian entrepreneurs to carry out trade and business matching missions in Nigeria.

“My plan is to invite KADIN colleagues and a number of Indonesian entrepreneurs for business matching in Nigeria in the near future. If possible in July 2024. KADIN of the two countries is very active in communicating,” he concluded.

June 12, 2024, detikFinance

(https://finance.detik.com/berita-ekonomi-bisnis/d-7386802/zulhas-bertemu-mendag-nigeria-bahas-potensi-ri-ekspor-cpo-kosmetik)