Nigeria, Indonesia Target US$4.7bn Bilateral Trade as Both Country Deepen Economic Ties
Raheem Akingbolu
The city of Jakarta once again played host to a landmark event in economic diplomacy as the Nigerian–Indonesian Chamber of Commerce and Industry (NICCI) convened the fourth edition of the Nigerian–Indonesian Investment and Trade Forum (NIITF 2025).
Following the outcome of the forum, stakeholders from both countries have reaffirmed their commitment to strengthening trade and investment relations.
According to a statement, the event brought together senior government officials, diplomats, and business leaders from both countries to explore opportunities in energy, manufacturing, agriculture, health, and technology under the theme, ‘Unlocking Potentials and Building a Sustainable Economic Future’.
President of NICCI, Ishmael Balogun, said Nigeria–Indonesia trade had grown from $1.73bn in 2019 to over $6bn in 2023, describing the rise as “a clear testament to renewed confidence and cooperation.”
He urged Indonesian investors to explore Nigeria’s vast opportunities in oil and gas, renewable energy, fintech, and mining, while inviting them to a reciprocal trade mission to Nigeria in 2026.
Delivering his address, Balogun, expressed gratitude and a clear vision for the future.
“We are not merely gathered as representatives of two nations,” he said, “but as builders of a bridge — one that connects policy with progress, ideas with investment, and nations with new possibilities.”
He traced NICCI’s evolution from a once-dormant institution in 2018 to a dynamic chamber now recognized for shaping bilateral trade and policy. Under his leadership, NICCI has grown into a credible platform driving trade, investment, and economic diplomacy between both nations.
According to Balogun, trade between Nigeria and Indonesia rose from US$1.73 billion in 2019 to over US$6 billion by 2023, reflecting renewed investor confidence and deeper cooperation. He urged Indonesian investors to explore opportunities in oil and gas, agriculture, healthcare, manufacturing, renewable energy, mining, and the digital economy — while extending an open invitation to join a reciprocal trade mission to Nigeria in 2026.
Reinforcing that message, the Indonesian Ambassador-designate to Nigeria, His Excellency Ambassador Bambang Suharto, affirmed that bilateral trade between both nations reached US$4.7 billion in 2023, driven increasingly by non-oil sectors.
“Our two nations share not only economic aspirations but also the diversity and resilience that define our peoples,” the Ambassador said, adding, “Indonesia and Nigeria are both multi-ethnic, multi-religious nations that have found unity in diversity and progress through partnership.”
Representing Nigeria’s Vice President, Senator Kashim Shettima, Princess Zahrah Audu Mustapha, Director-General of the Presidential Enabling Business Environment Council (PEBEC), highlighted ongoing efforts to strengthen investor confidence, streamline business registration, and enhance the ease of doing business.
She said, “Nigeria is implementing business-friendly reforms that will streamline regulatory processes, attract capital inflows, and strengthen private sector participation.”
A panel session on “Mitigating Trade and Investment Bottlenecks Between Nigeria and Indonesia” featured speakers including the Executive Director of NEXIM Bank, Ibrahim Gaga; Chairman of the ECOWAS Bilateral Economic Committee, Sylvie Tomasua; and CEO of Travel Arcade, Ambassador Abimbola Ogunlowo. The discussants called for improved trade financing, logistics, and policy alignment to sustain bilateral momentum.
Other speakers, including Chairman of Justrite Superstores Ayodele Aderinwale, Chairman of the Nigeria–São Tomé & Príncipe Joint Development Authority Ibrahim Lawal, and AfCFTA consultant Olusegun Olutayo, outlined strategies for harnessing opportunities in retail, offshore energy, and continental trade frameworks.
An awards ceremony rounded off the forum, honouring Ambassador Suharto for diplomatic excellence, the DG of PEBEC Mustapha for public sector leadership, and the Executive Director of NEXIM Bank Gaga for export diversification.
Closing the event, President of NICCI Balogun declared, “Together, we will not only trade; we will transform. Together, we will write the next chapter of the Africa–Asia success story.”
The NIITF 2025 concluded with delegates expressing optimism that Nigeria and Indonesia would strengthen their partnership as strategic trade allies in the years ahead.
