Nigeria-Indonesia Trade Surges to $4.7 Billion in 2022, NICCI President Reveals

The trade volume between Nigeria and Indonesia rose to $4.7 billion in 2022, according to Ishmael Balogun, the President of the Nigerian-Indonesian Chamber of Commerce and Industry (NICCI).

This revelation came during a recent press conference convened to announce the upcoming Nigeria-Indonesia Investment and Trade Forum, scheduled to be held in Kano.

Balogun, speaking with enthusiasm, underscored the pivotal role played by NICCI in fostering bilateral trade and investment between the two nations.

“Our vision at NICCI is to promote robust economic ties between Nigeria and Indonesia, positioning Nigeria as the premier investment destination in Africa,” he declared.

Highlighting Nigeria’s burgeoning position as Indonesia’s foremost trading partner on the African continent, Balogun emphasized the mutually beneficial nature of the relationship.

“Nigeria holds the distinction of being Indonesia’s number one trading partner in Africa, a testament to the strength and vitality of our economic cooperation,” he stated.

NICCI’s commitment to nurturing this partnership extends beyond mere rhetoric, as Balogun elucidated the chamber’s proactive approach to facilitating trade engagements.

“We are resolute in our efforts to bolster interactions between Nigeria and Indonesia through various platforms such as trade forums, fairs, and bilateral symposiums,” he affirmed.

The forthcoming Nigeria-Indonesia Investment and Trade Forum, slated to convene in Kano, represents a pivotal opportunity to further deepen economic collaboration.

Themed ‘Indonesia meets Nigeria: An opportunity for expansion of Bilateral Investment and Trade’, the event promises to be a catalyst for enhanced trade relations and investment inflows.

Reflecting on the evolution of the forum, Balogun reminisced about its inaugural edition held in Jakarta, Indonesia, in October 2022, followed by a successful second edition in October 2023.

This year’s edition seeks to broaden the scope by inviting Indonesian companies to explore the vast potential of the Nigerian market.

Balogun expressed gratitude for the collaborative efforts between NICCI and the Indonesian Embassy in Nigeria, under the leadership of Ambassador Dr. Usra Harahap, as well as the Indonesian government’s Ministry of Trade and Foreign Affairs.

Together, they have orchestrated the invitation of 70 Indonesian companies to participate in the upcoming forum, symbolizing a tangible commitment to fostering bilateral trade and investment.

As Nigeria and Indonesia forge ahead in their economic partnership, the surge in trade volumes serves as a testament to the growing synergy between the two nations.

With NICCI spearheading initiatives to bolster economic cooperation, the future holds promising prospects for further expansion and prosperity on both fronts.