Nigeria exported crude oil and gas worth over $3.8 billion to Indonesia in 2023, according to the Indonesian Ambassador to Nigeria, Dr. Usra Harahap. This information was revealed during Harahap’s courtesy visit to Nicholas Ella, the Permanent Secretary of the Federal Ministry of Petroleum Resources, in Abuja on Wednesday.
During the meeting, Harahap emphasized Indonesia’s interest in strengthening its long-standing collaboration with Nigeria in the oil and gas sector. According to a statement by Oluwakemi Ogunmakinwa, Deputy Director of Press and Public Relations at the ministry, Harahap expressed Indonesia’s commitment to sustaining and enhancing the 59-year relationship between the two nations.
“We are exploring ways to maintain and improve the beneficial cooperation and relationship that we have held for the past 59 years,” Harahap stated.
Highlighting the mutual interest in the oil and gas industry, the ambassador proposed resuming discussions on a Memorandum of Understanding (MoU) between the two countries, which had been stalled since 2017. The MoU is expected to enhance collaboration in the sector, especially with initiatives like the offer from Enugu State in 2023 to build a 500-megawatt capacity gas power plant.
Ella affirmed Nigeria’s positive relationship with Indonesia and welcomed the opportunity to deepen cooperation in the oil and gas sector. He assured Harahap that the ministry would review the MoU and the gas plant project, and explore other areas of mutual interest.
Nigeria, which earns a significant portion of its foreign exchange from crude oil exports, saw substantial earnings from these exports in 2023. The country generated N29 trillion from crude oil exports, marking a 37% increase from the previous year. This surge was driven by increased oil production and the devaluation of the Nigerian currency, enhancing the profitability of oil exports.
While oil remains a major revenue source for Nigeria, there is a growing emphasis on the need to diversify the economy to ensure long-term stability.
