Nigeria-Indonesia Trade Set to Reach $5 Billion as Bilateral Ties Strengthen
Kindly share this story
Nigeria-Indonesia Trade Set to Reach $5 Billion as Bilateral Ties Strengthen
The Nigerian-Indonesian Chamber of Commerce and Industry (NICCI) has forecasted that trade volume between Nigeria and Indonesia could hit the $5 billion mark when the official 2024 figures are released.
NICCI President, Mr. Ishmael Balogun, made this announcement during a weekend press conference held in Lagos.
He stated: “There have been progressive increase in the trade volume between Nigeria and Indonesia since 2019. Indonesia buys lots of goods from Nigeria worth about $2 billion annually and we buy electronics, fast moving consumer goods, household consumables, pharmaceuticals.
“Trade volume in 2019 was at $1.9 billion dollars between both countries, rose to $2.0 billion in 2020, taking over then from South Africa as Indonesia’s African largest trading partner. The last official figure as at 2023 was $4.7 billion. And in our estimation, by the time the figure for 2024 is released, it could be up to $5 billion.”
Balogun also disclosed that the Federal Government has pledged support for the upcoming Nigeria-Indonesian Investment and Trade Forum 2025, scheduled to hold in Jakarta later this year. The event aims to enhance bilateral trade and attract Indonesian investment into Nigeria.
He revealed that Vice President Kashim Shettima has directed the Presidential Enabling Business Environment Council (PEBEC) to coordinate with relevant ministries and agencies—such as the ministries of industry, trade and investment, agriculture, and health—along with NIPC, NEPC and other strategic trade bodies to ensure successful engagement.
Read also: NSCDC Nabs Four with Truckload of Stolen Cables, Transformers En Route from Kano to Lagos
The 40th Indonesian Trade Expo will be held from October 15 to 19 in Jakarta, followed by the Nigeria-Indonesian Investment and Trade Forum from October 21 to 23.
Balogun emphasized the need to expand bilateral trade and deepen collaboration between both nations, especially in key sectors like oil, agriculture, electronics, FMCG, pharmaceuticals and manufacturing.
To further encourage Asian participation in the Nigerian market, NICCI has simplified visa, accommodation and tourism arrangements for interested participants.
