Economy

Nigeria Reaffirms Commitment to Boost Economic Ties with Indonesia

Written by Jerry Alomatu on September 3, 2024

News Views: 19

Nigeria has reaffirmed its commitment to deepening its economic partnership with Indonesia, focusing on the untapped potential between the two nations. This commitment was underscored during the Second Indonesia-Africa Forum, held in Bali, Indonesia, from September 1 to 3, 2024.

Minister of Information and National Orientation, Mohammed Idris, represented President Bola Tinubu at the forum. In a statement issued on Monday by the ministry’s Deputy Director of Press, Suleiman Haruna, Idris highlighted Nigeria’s dedication to strengthening its relationship with Indonesia. “The Indonesia-Africa Forum is a catalyst for a new era of cooperation, aimed at propelling both our countries toward a brighter and more prosperous future,” Idris said.

He emphasized Nigeria’s eagerness to leverage shared strengths in critical areas, including economic transformation, energy, mining, food and health security, and the digital economy. “Nigeria is committed to leveraging our shared strengths and resources to focus on critical pillars such as economic transformation, energy and mining, food and health security, and the digital economy,” Idris noted. “These are the foundations upon which our future cooperation will be built, driving inclusive and sustainable economic growth beneficial to all our nations.”

The forum highlighted the economic and demographic significance of Africa and Indonesia, which together account for over 1.7 billion people and a combined GDP of $4.4 trillion.

The event brought together heads of state, government officials, business leaders, and stakeholders to explore ways to enhance economic cooperation and address global challenges. During the discussions, Nigeria’s role in advancing the African Union’s Agenda 2063 was a focal point. Idris also highlighted President Bola Tinubu’s ambitious agenda for economic reforms, security, governance, and social development, as well as his leadership in promoting regional trade and stability through the Economic Community of West African States.

Nigeria’s active participation in the African Continental Free Trade Area was noted as a key driver for boosting intra-African trade and industrialization. The forum, attended by delegates from 22 African countries and five non-African countries, also celebrated the 1955 Asia-Africa Forum, known as the Bandung Spirit, which laid the foundation for Asia-Africa relations.

Participants called for increased trade, investment, and development cooperation between the continents, with an emphasis on Africa transitioning from a raw material exporter to a production hub. Specific attention was given to the trans-Saharan gas pipeline projects involving Nigeria, Algeria, and Morocco.

The Indonesia-Africa Forum serves as a strategic platform to bolster economic ties between Indonesia and African nations, facilitating dialogue, fostering partnerships, and promoting sustainable development through collaboration in key sectors such as trade, investment, energy, and the digital economy.