Nigeria has solidified its position as Indonesia’s leading investment destination in Africa, boasting a trade balance exceeding $4.7 billion in 2022. This milestone was announced by Ishmael Balogun, President of the Nigerian-Indonesian Chamber of Commerce and Industry (NICCI), at a recent press conference in Lagos.
The announcement coincided with the unveiling of the 3rd Nigerian-Indonesian Investment and Trade Forum (NIITF), set to take place in Abuja on June 3rd. Balogun highlighted Nigeria’s steady rise in trade with Indonesia, surpassing South Africa in 2020 and experiencing continued growth to reach the current record high.
NICCI’s promotional efforts have played a pivotal role in fostering bilateral trade and investment between the two nations. The upcoming NIITF, themed “Indonesia meets Nigeria, an opportunity for expansion of bilateral investment and trade,” aims to further strengthen economic ties. President Bola Tinubu is expected to deliver the keynote address, underscoring the significance of this event.
NICCI has partnered with various government agencies, private sector organizations, and the Indonesian Embassy in Nigeria to bring 70 Indonesian companies to the forum. This collaborative effort demonstrates the commitment of both countries to deepening their economic relationship and unlocking mutual growth opportunities.
