![]() The Kellogg Tolaram multi-billion naira cereal making factory in the same free zone is another example of a fairly recent investment that can be scaled. Through its subsidiaries, it has also invested in a palm oil refinery in the Lekki Free Zone. The Dufil Group, manufacturer of the famous Indomie noodles, has invested in the largest noodle manufacturing plant in Africa. Others include direct investment in a modular refinery by PT Intim Perkasa in Akwa Ibom State, and the consumer goods company Wings expanding its local production capacity in Lagos. These trade and investment transactions include a joint venture between PT Timah of Indonesia and Topwide Ventures of Nigeria for the mining of tin in Jos, Plateau State. Read also: Health investors look to high technology to attract big-ticket patients Likewise, there is an increasing flow of investment from Indonesian entities into manufacturing, mining, agriculture, renewable energy, oil and gas. The Nigerian Indonesian Chamber of Commerce and Industry (NICCI) has noted the growing number of Nigerian companies that are forging partnerships with Indonesian entities. This is indeed a major milestone that indicates what is possible between both nations. As a result, Nigeria, has now overtaken South Africa as the top trading partner on the African continent with a trade balance of $2.6 billion in 2021. However, over the last few years, despite the disruption created by Covid19, trade between Nigeria and Indonesia has grown significantly. This has led to a steady rise in trade between Indonesia and the African continent. Since President Joko Widodo took office in 2014, Indonesia’s Africa policy has prioritised economic engagement and cooperation with the continent. One such country is Indonesia, south-east Asia’s largest economy and most populated country. Indeed, Nigeria should invest resources in building and scaling similar arrangements with countries that can derive offer mutual benefits from increasing trade and investment. ![]() Morocco needs ammonia for converting its phosphate reserves into fertilizer, but in order to produce ammonia, it needs access to natural gas, which Nigeria has in abundance. Such actions will reflect a prioritization of the structural transformation that will ensure that Nigeria is not left behind and is better prepared for future crises.įurthermore, the deal models how countries can harness their economic strengths or natural endowments to build long lasting and mutually beneficial trade relations. Nigeria’s recent partnership with Morocco to set up a $1.3 billion fertilizer plant is a step in the right direction to address the needs of our agroeconomy. Meanwhile, as the alarm bells ring louder about a food crisis in Africa, some countries are partnering with other nations to guarantee improved supply. An example of the changing tide in global trade and investment is the move by Germany, amid the uncertainty around gas supplies from Russia, to secure additional/alternative gas supplies from Senegal. Like other nations, Nigeria, Africa’s largest economy and most populous nation, must take steps to secure its future. In addition, the United Nations and other international organisations are sounding the alarm around food shortages in some regions, including Africa. The European nations’ conflict has also sparked an energy crisis which is prompting some countries to take pro-active steps to secure resources to power economic activity. Global supply chains have been disrupted, inspiring many countries to recalibrate their economic relations with long-standing trade partners. Over the last two and a half years, the outbreak of the coronavirus pandemic and, more recently, the Russia-Ukraine conflict have underpinned economic turmoil in many countries and regions across the world.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |