Indonesia ready to develop Nigeria`s palm oil industry

06.06.2017

During a visit to Abuja on Monday (June 5), Indonesian Foreign Minister Retno Marsudi conveyed to her Nigerian counterpart Geoffrey Onyeama that Indonesia is ready to cooperate to develop Nigerias palm oil industry.

Both foreign ministers discussed cooperation in the palm oil industry, as Nigeria is currently diversifying its economy, including the development of the palm oil industry.

To this end, the Indonesian government has invited Nigeria to join the Council of Palm Oil Producing Countries established by Indonesia and Malaysia.

"Close cooperation between palm oil producing countries will contribute to creating price stability and ensuring sustainable palm oil production," Marsudi noted in a press release received by ANTARA on Tuesday.

During the bilateral meeting with Onyeama, Marsudi also conveyed that Indonesia and Nigeria are two big economies in their regions with complementary economic advantages.

Hence, it is only natural that trade and investment relations between the two countries should be intertwined and improved.

"The focus of Indonesias foreign policy on Africa has offered a strategic momentum to enhance Indonesias economic cooperation with Nigeria," Marsudi stated.

The two foreign ministers also focused on discussing efforts to improve trade and investment cooperation, as there is still plenty of room to increase trade and investment cooperation between the two countries.

Nigeria is Indonesias largest trading partner in Sub-Saharan Africa, with trade value between the two countries reaching US$1.5 billion in 2016.

Nigeria is also the main destination country for Indonesian investment in Africa, as some 14 Indonesian companies are investing in the country. In addition, Nigeria is one of the important countries for realizing Indonesias energy security.

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