Nigeria, Indonesia Target $4.7bn Bilateral Trade, Deepen Economic Ties

Raheem Akingbolu

The city of Jakarta recently 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.

According to Balogun, trade between Nigeria and Indonesia rose from $1.73 billion in 2019 to over $6 billion by 2023, reflecting renewed investor confidence and deeper cooperation.

Reinforcing that message, the Indonesian Ambassador-designate to Nigeria, Ambassador Bambang Suharto, affirmed that bilateral trade between both nations reached $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, Director-General of the Presidential Enabling Business Environment Council (PEBEC), Zahrah Audu Mustapha, highlighted ongoing efforts to strengthen investor confidence, streamline business registration, and enhance the ease of doing business.