The Nigerian Indonesian Chamber of Commerce and Industry has projected that bilateral trade between Nigeria and Indonesia will reach at least $5 billion when the official 2024 trade figures are released.
NICCI President, Mr. Ishmael Balogun, disclosed this during a press briefing in Lagos over the weekend. He highlighted the steady growth in trade volumes between both nations, stating: “There have been progressive increases 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, and pharmaceuticals.”
Balogun provided a breakdown of the trade growth: “Trade volume in 2019 was at $1.9 billion between both countries, rose to $2.0 billion in 2020, taking over then from South Africa as Indonesia’s largest African trading partner. The last official figure as of 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 revealed that the Federal Government has pledged support for the upcoming Nigeria-Indonesian Investment and Trade Forum 2025, scheduled for later this year in Jakarta. The forum aims to enhance trade relations and attract foreign investments into Nigeria.
He noted that the Office of the Vice President, Kashim Shettima, alongside key ministries and agencies, is committed to improving trade figures. “The Vice President has directed the Presidential Enabling Business Environment Council to coordinate relevant ministries, departments, and agencies,” Balogun said. These include the Ministries of Industry, Trade and Investment; Agriculture; and Health, as well as the Nigerian Investment Promotion Commission, Nigerian Export Promotion Council, and other trade bodies.
The 40th Indonesian Trade Expo is scheduled for October 15-19, 2024, in Jakarta, followed by the Nigeria-Indonesian Investment and Trade Forum from October 21-23. Balogun emphasized the need for both nations to deepen collaboration to further boost trade volumes and strengthen their long-standing economic partnership.
To facilitate Asian market expansion into Nigeria, NICCI has simplified visa, accommodation, and tourism procedures for prospective investors and participants.
Currently, Nigeria and Indonesia engage in robust trade across sectors such as oil and gas, manufacturing, fast-moving consumer goods, household items, pharmaceuticals, agriculture, and electronics. The projected $5 billion milestone underscores the growing economic synergy between both nations.
