(Ecofin Agency) - Indonesia has said it is ready to help Nigeria develop its palm oil industry, according to Indonesian Foreign Affairs Minister, Retno Marsudi. She disclosed this during an official visit to her Nigerian counterpart, Geoffrey Onyeama, in Abuja on Monday.

During the meeting, the Asian minister said the Indonesian government has invited Nigeria to join the Council of Palm Oil Producing Countries established by the Southeast Asian country and Malaysia. “Close cooperation between palm oil producing countries will contribute to creating price stability and ensuring sustainable palm oil production. The focus of Indonesia’s foreign policy on Africa has offered a strategic momentum to enhance Indonesia’s economic cooperation with Nigeria”, she said.

Moreover, the two ministers also discussed ways to strengthen economic ties and combat transnational drug trafficking between the two countries.

In regards to palm oil, Indonesia is the largest producer and exporter of the commodity worldwide, with a production of 34 million tons in 2016, while exports stood at 27 million tons the same year. Also, Nigeria is Indonesia’s largest trading partner in Sub-Saharan Africa, with trade value reaching $1.5 billion in 2016.

Anita Fatunji