Oil Export to Indonesia Hit $3.8bn in 2023
Nigeria exported crude oil and gas valued at over $3.8bn to Indonesia in 2023, the Indonesian Ambassador to Nigeria, Dr Usra Harahap, has said.
Harahap disclosed this on Wednesday in Abuja during a courtesy visit to the Permanent Secretary, Federal Ministry of Petroleum Resources, Nicholas Ella.
At the meeting, he expressed the desire of the Republic of Indonesia to deepen the existing collaboration with Nigeria in the development of the oil and gas sector, according to a statement issued by the petroleum ministry’s Deputy Director, Press and Public Relations, Oluwakemi Ogunmakinwa.
The Indonesian ambassador said Indonesia was exploring ways to sustain its relationship with Nigeria.
He was quoted as saying, “We are looking for ways to maintain and improve a beneficial cooperation and relationship that we have held for the past 59 years.”
The ambassador noted that the oil and gas sector of the economy was of common interest to both countries, adding that his country would want to explore areas of more collaboration with Nigeria in that regard.
The statement read in part, “He (Harahap) noted that Indonesia imported over $3.8bn worth of oil and gas from Nigeria in 2023 and stressed the need for Nigeria and Indonesia to resume discussions on the establishment of a Memorandum of Understanding in the oil and gas sector which had been suspended since 2017.”
Harahap said the MoU would help bolster collaboration in the sector, citing the offer by Enugu State in 2023 to build a 500-megawatt capacity gas power plant.
In his response, Ella said Indonesia had been a good friend of Nigeria, adding that the visit would help improve the relationship between the two countries in promoting Nigeria’s oil and gas for mutual benefits.
He assured the ambassador that issues around the MoU and Enugu gas plant would be looked into, adding that other areas of collaboration and mutual interests would be explored.
Nigeria exports crude oil and gas to many countries of the world, as it earns bulk of its foreign exchange from the sale of crude.
In 2023, the country raked in N29tn from crude oil exports, a significant 37 per cent increase compared to the previous year.
This surge is attributed to a combination of factors, including increased oil production and a devaluation of the Nigerian currency, which makes oil exports more profitable.
However, it is important to note that while crude oil is a major source of income for Nigeria, it is also crucial to diversify the economy to ensure long-term stability.
