Nigeria, Indonesia to Double $2 Billion Trade by 2015

Nigeria and Indonesia plan to double their $2 billion trade by 2015, the West African country’s Trade and Investment Minister Olusegun Aganga said.

The two nations are working out a preferential trade agreement to expand exchange of goods and services, Aganga said today in an e-mailed statement. Indonesia’s Trade Minister Gita Wirjawan met with his Nigerian counterpart in the capital, Abuja on Feb. 2, according to the statement.

Nigeria, Africa’s top oil producer and most populous nation with more than 160 million people, is seeking investors in power generation, mining and agriculture as it moves to reduce its dependence on oil.

Foreign-direct investment in the West African country probably rose 50 percent in 2012 to more than the $8.9 billion recorded in 2011, with growth led by non-oil investments, Aganga said on Jan. 25.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net