The Nigerian Indonesian Chamber of Commerce and Industry (NICCI) has projected that the volume of trade between Nigeria and Indonesia to rise to at least $5 billion by the time the 2024 official figures are released.
President of NICCI, Mr Ishmael Balogun, stated this at a news conference over the weekend 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.”
Meanwhile, Balogun has also revealed that the federal government has pledged support for the Nigeria-Indonesian Investment and Trade Forum 2025, coming up later in the year in Jakarta, to boost bilateral trade between the two countries and attract foreign investment into Nigeria.
He said the Office of the Vice President, Mr Kashim Shettima, alongside key ministries and agencies, had committed to improving trade figures between both nations.
Balogun added that the Vice President had directed the Presidential Enabling Business Environment Council (PEBEC) to coordinate relevant ministries, departments and agencies (MDAs). These include the ministries of industry, trade and investment, agriculture, and health, along with NIPC, NEPC, and other strategic trade bodies.
He said that the 40th Indonesian Trade Expo would hold from October 15 to 19 in Jakarta, Indonesia, adding that the Nigerian-Indonesian Investment and Trade Forum would then follow from October 21 to 23, also in Jakarta.
The NICCI president stressed the need for both nations to deepen efforts, boost trade volumes, and strengthen their enduring bilateral relationship.
To encourage Asian market expansion into Nigeria, he said NICCI has eased visa, accommodation, and tourism procedures for interested participants.
Nigeria and Indonesia currently trade in sectors like oil, manufacturing, FMCG, household items, pharmaceuticals, agriculture, and electronics, among others.
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