During a bilateral meeting at the Trade Preferential System-Organisation of Islamic Cooperation (TPS-OIC) in Turkey, Indonesian Trade Minister Zulkifli Hasan (Zulhas) discussed potential export opportunities with Nigerian Trade Minister Doris Uzoka-Anite. The discussion focused on increasing trade between the two countries, highlighting Indonesia's potential exports such as crude palm oil (CPO), automotive parts, wood products, and cosmetics. Nigeria, in turn, could export cocoa beans, agricultural products, gold, and metals like aluminum to Indonesia. Zulhas emphasized the importance of strengthening trade agreements between Indonesia and Nigeria, given the substantial untapped potential. Over the past five years (2019-2023), bilateral trade has grown by 30%, reaching a total trade value of USD 4.4 billion. Despite this growth, both countries believe there is room for further improvement. "Nigeria is the largest country in its region with abundant natural resources, making it a key trading partner for Indonesia," Zulhas stated. He expressed hopes for a bilateral Preferential Trade Agreement (PTA) with Nigeria to accelerate trade relations, citing Indonesia's extensive experience in forming trade agreements with other countries.
The meeting was positively received by the Nigerian government, which acknowledges the significant presence of Indonesian companies such as Indofood and Kalbe Farma in Nigeria. Indofood, one of Nigeria's largest exporters, along with the active promotion efforts by the Indonesian Chamber of Commerce and Industry (KADIN), highlight the strong business ties between the two nations. Recognizing Nigeria's rich natural resources and investment opportunities, Zulhas plans to lead a trade mission and business matching event in Nigeria, possibly in July 2024. He aims to bring together members of KADIN and Indonesian entrepreneurs to explore further business opportunities. This bilateral meeting occurred alongside the 3rd Ministerial Meeting of the TPS-OIC Trade Negotiating Committee and the Informal D-8 Trade Ministers Meeting held from 10-11 June 2024 in Istanbul.
