Nigeria, Indonesia Trade Volume Hits $4.7bn amid Strengthened Commercial Ties

Omolabake Fasogbon

Trade relations between Nigeria and Indonesia have reached an all-time high, hitting $4.7 billion in bilateral trade volume.

 The figure exceeds twice the $1.9 billion recorded in 2019, and signals a promising outlook for future investment between both countries. 

President of Nigerian Indonesian Chamber of Commerce and Industry (NICCI), Ishmael Balogun, attributed the impressive growth to revitalised efforts by NICCI   to promote Nigeria’s business worthiness and credibility. 

Balogun, while speaking at the chamber-organised Nigeria Mid-Year Economic Outlook, themed: ‘Building Resilience in a Turbulent Economy’, submitted that Nigeria remains challenged by foreign exchange uncertainty, inflationary pressure, and global economic realignments, yet, a fertile investment ground, evident in its growing partnership with Indonesia. 

He stated further that the forum was drafted in line with present circumstances, and to adopt strategies accordingly, across both public and private sectors. 

“This is why we have brought together leading minds in business and policy to share rare insights with us all to help navigate and position our businesses at an advantageous position. Our goal is not just to facilitate trade, but to build resilience. Today is not about economic data, it’s about decision-making and creating a more connected network of entrepreneurs and investors ready to lead when the tide changes,” he said. 

 Speaking on how Nigerians can withstand global turbulence, Chief Consultant at B. Adedipe Associates Limited, Dr. Biodun Adedipe, reiterated that it is high time Nigeria focused on the root of economic challenges, other than addressing symptoms and effects.

He disclosed that the challenge of developing countries (Nigeria inclusive) stems from production shortages in key areas of food, manufacturing, infrastructure, energy, and housing. 

He said, “The real question is: how do we produce more to bridge the gaps? A production-centred policy will drive Nigeria’s macroeconomic agenda to enable true transformation”.

He added that while Nigeria’s economic dashboard paints a mixed picture, achieving resilience and progress can be made possible with deliberate reforms and bold economic choices. 

“Inflation dipped to 22.97% in May 2025, the naira slightly appreciated at the parallel market, and FX reserves remain relatively healthy at $37.47 billion, covering 8.39 months of imports. Yet growth slowed to 2.74% in 2023, still trailing the pace needed to double population growth. There is a strong case for bold reforms to accelerate economic growth well above our population growth rate,” he added. 

Also present, SSA to the President on Entrepreneurship Development, Chalya Shagaya, reiterated the present administration’s efforts targeted at building a resilient economy and promoting enterprise-led growth through partnership with the private sectors and institutions like NICCI.