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International trade

Nigeria-Indonesia Trade Relations on the Rise as Central Government Pledges Support

Strategic Insights

— 2 min read

Nigeria's central government has pledged support for the Nigeria-Indonesia Investment Forum 2025, aimed at boosting bilateral trade and attracting foreign investment. The forum, to be held in Jakarta, Indonesia from October 15 to 23, is expected to deepen trade volumes between the two nations. According to Ishmael Balogun, President of the Nigerian-Indonesian Chamber of Commerce and Industry, the Office of the Vice President, Kashim Shettima, alongside key ministries and agencies, have committed to improving trade figures between Nigeria and Indonesia. The two countries' trade volume, which was $2 billion in 2020, rose to $4.7 billion in 2023 and is projected to reach $5 billion in 2024.

Key Takeaways:

  • The Nigeria-Indonesia Investment Forum 2025 aims to boost bilateral trade and attract foreign investment, with the support of Nigeria's central government.
  • The Office of the Vice President, Kashim Shettima, has committed to improving trade figures between Nigeria and Indonesia.
  • The two countries' trade volume has increased from $2 billion in 2020 to $4.7 billion in 2023, with a projected increase to $5 billion in 2024.
  • Indonesia is the number 27 exporter in the world, with a total export of $290 billion in 2023.
  • The Presdential Enabling Business Environment Council (PEBEC) has been directed to coordinate relevant Ministries, Departments, and Agencies to improve trade figures.
  • The 40th Indonesian Trade Expo will hold from October 15 to 19 in Jakarta, Indonesia, followed by the Nigerian-Indonesian Investment and Trade Forum from October 21 to 23.
  • Nigeria and Indonesia trade in sectors such as oil, manufacturing, FMCG, household items, pharmaceuticals, agriculture, and electronics.
  • The Nigerian-Indonesian Chamber of Commerce and Industry (NICCI) has eased visa, accommodation, and tourism procedures for interested participants.
  • Keynote speaker Dr. Biodun Adedipe urged organizations to adopt resilience pillars such as governance and ethics, strategic partnerships, innovation, technology, leadership development, and investment in human capital.

Statistics:

  • Nigeria and Indonesia's trade volume increased from $2 billion in 2020 to $4.7 billion in 2023.
  • The total export of Indonesia in 2023 is $290 billion, making it the number 27 exporter in the world.
  • The export of Indonesia has increased by $82.1 billion from $207 billion in 2018 to $290 billion in 2023.
  • The 40th Indonesian Trade Expo will hold from October 15 to 19 in Jakarta, Indonesia.
  • The Nigerian-Indonesian Investment and Trade Forum will hold from October 21 to 23 in Jakarta, Indonesia.

Sources:

  • Ishmael Balogun, President of the Nigerian-Indonesian Chamber of Commerce and Industry
  • The Office of the Vice President, Kashim Shettima
  • The Presdential Enabling Business Environment Council (PEBEC)
  • The Nigerian-Indonesian Chamber of Commerce and Industry (NICCI)
  • ARISE Industrial Platform Remo
  • B. Adedipe Associates Ltd.
  • Dr. Biodun Adedipe
  • Chalya Shagaya, Senior Special Adviser to President Tinubu on Entrepreneurship Development
  • Ifeoma Uddoh, the founder and CEO of Shecluded

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