Vanguard, THURSDAY, MARCH 5, 2015 — 21
Nigeria, Indonesia non-oil trade hits $2.2bn By Vera Anyagafu & Victor Gotevbe
trade relations. He said: “The two countries are also planning a US$2.5 billion gas methanol and fertilizer plant in Nigeria with Pertamina of Indonesia and NNPC of Nigeria in collaboration with Eurochem Indonesia and Viva Methanol of Nigeria. “Indonesia and Nigeria are very keen business initiators and harnessing both countries’ economies in key areas of their economies would go a long way in helping to strengthen the binational relations share.” Bona explained that with the
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HE Republic of Indonesia Trade Promotion Center’s Deputy Director, Mr. Bona Kusuma stated that bilateral trade between Indonesia and Nigeria in the non-oil sector has hit $2.2 billion (N440 billion). He made this disclosure during a press conference at the embassy’s trade center in Lagos, pointing out that Nigeria needs to strategically promote its export potentials, especially in the non-oil sector. Bona said that the ITPC is collaborating with Nigeria Export Promotion Council and Indonesia Commercial Association (NICA), to strategize and effectively promote trade relations between the two countries. “The bilateral trade volume between Nigeria and Indonesia is about $2.2 billion in the non-oil sector, and there is need for Nigeria to strategically promote its export potentials, especially in the non-oil sectors. “Nigeria is Indonesia’s second largest trade partner in Africa after South Africa. In 2011 our trade value reached US$2.09 billion and accounted for 21.66 percent of Indonesia’s total trade with Africa. In 2013, the bilateral trade volume between the countries hit $2.2 billion and there are over 15 Indonesian companies currently operating in Nigeria.” Some of the companies, the he disclosed, have established manufacturing industries in Nigeria and are committed to promoting better business collaborations tended toward boosting Nigeria-Indonesia bi-
$129.30
$13.34
-0.11
-0.89
196.8 302.1864 219.8256 204.6376 1.6437 0.318 276.4403 31.3636 52. 4744 29.4876
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CENTRAL 197.3 302.9542 220.3841 205.1575 1.6479 0.328 277.1427 31.4438 52.6077 29.5625
CBN Exchange Rate as at 4/3/15
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PPP project finance key to infrastructure development - Onolememen
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the Non-Oil Sectors of the Nigerian Economy,” is scheduled to take place in Jakarta, Indonesia, March 16 –20, 2015. The business forum, which is the third in the series of Indonesia’s efforts towards building mutually beneficial partnerships among buyers, suppliers and companies in Nigeria and Indonesia, is expected to open unequaled networking opportunity, buyers/sellers strategic oneon-one meeting, plenary session, featuring G2G and many more to participants.
FROM LEFT: Director-General, National Automotive Council, Engr. Aminu Jalal; Minister of Industry, Trade and Investment, Olusegun Aganga; and National President, National Council of Managing Directors of Licensed Customs Agents, Mr. Lucky Amiwero, during a stakeholders’ review meeting on the auto policy, in Abuja.
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fall of global Petroleum Prices, the need for Nigeria to strategically promote its export potential in the non-oil sectors has become sine qua non. The aforementioned export promotion, which will be conducted in partnership with African Leadership, Nigeria Export Promotion Council and the Nigeria Indonesia Commercial Association,is expected to receive maximum financial and logistic support from the Indonesia Embassy in Nigeria The Trade and Investment/Business Forum, with the theme ‘Harnessing the Export Potentials of
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he Minister of Works, Mr Mike Onolememen, on Tuesday said the completion of the Nigeria-Cameroon road demonstrated PublicPr i v a t e - Pa r t n e r s h i p (PPP) initiative as good funding option for infrastructure d e v e l o p m e n t . Onolememen stated this in Enugu while speaking to newsmen on the sidelines of the inauguration of the Enugu-Abakaliki-Ogoja Junction-Ikom-MfumCameroon border road. He noted that the large capital requirement for road development could no longer be sustained solely from funding by the national budget. “Consequently, we had to explore funding options with the World Bank and the African
Development Bank in financing this project under the Nigeria-Cameroon Transnational Highway. The completion of this project in record time shows that this strategy of partnership with multi-lateral and private sector financiers represents the way forward for all critical infrastructure in our country.“So, one of the lessons learned from this road is the need for us in this country to
This road, therefore, symbolizes the reaping of the dividends of our unique strategy of exploring innovative and resourceful ways of funding delivery of quality roads in the country
leverage on concessionary loans to drive critical road infrastructure projects across the countr y. This road, therefore, symbolizes the reaping of the dividends of our unique strategy of exploring innovative and resourceful ways of funding delivery of quality roads in the country,” he said. He also explained that the execution of the project had exposed the ministry to the benefits of replicating communityfriendly projects in communities where major roads project traversed.“This particular project was community-friendly as part of the N31 billion expended on this road was expended on community-friendly projects in communities along this road to boost economic activities. And from the experience of the social projects that were executed on this road, my ministry has learnt a lot from the execution of this project.
BoI blames decline in ext ernal reser xternal reservves on importation By Franklin Alli
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HE Bank of Industry (BOI) has blamed the continuous drops in the country’s foreign reserve on the obsession of Nigerians for imported goods The Bank’s Managing Director/Chief Executive, Mr. Rasheed Olaoluwa, stated this in Lagos, citing the importation of products which local manufacturers have the capacity to produce at international standards such as electricity meters, ceramic tiles, electronic payment cards, plastics, etc. “We don’t need to import such things; this is one of the reasons why our foreign reserve has been under pressure. We keep importing what we produce locally. We cannot develop our industrial base if we are bent on patronising imported goods,” he stated. He noted that, “The major strategic step for our country to take is to come out with an industrial policy that supports and encourages patronage of local companies such as Secure ID, Wempco; Momas Electricity Meters Manufacturing Co Limited, Mowe, Ogun State, etc. “For instance, Momas produces all kinds of meterspre paid and post paid; they have a very modern prepaid meters manufacturing facility, so we don’t really have reasons for importing those things, rather we need to really find a way to support companies like these to grow and create employment. Momas has capapcity to hire 500 staff if they are well patronised but currently its staff strength is 100 . So that is the impact of what we are talking about. We have been exporting our jobs to other countries because we have been importing goods from them. We need to begin to really support our own manufacturers. These are things that we should be very proud of as Nigerians. I am very proud of what they have done and they require support that they can get from us, Nigerians and the Nigerian governments. That is what BOI is out to encourage.” “What I am going to do, to be very specific, is to meet with the Federal Government and to put it on the table.”