…As FG Throws Weight Behind Its 2025 Investment Trade Forum.
‘Nigeria and Indonesia currently trade in sectors like oil, manufacturing, FMCG, household items, pharmaceuticals, agriculture, and electronics, among others.’
Siaka MOMOH
Nigeria-Indonesia trade relations is growing and more enhancement has come its way as Nigeria’s central government has pledged support for the Nigeria-Indonesia Investment Forum 2025 which is billed to boost bilateral trade and attract foreign investment.
Ishmael Balogun, President of the Nigerian-Indonesian Chamber of Commerce and Industry, who revealed this at the Chamber’s Mid-year Economic Outlook 2025 forum on Friday in Lagos said the Office of the Vice President, Kashim Shettima, alongside key ministries and agencies, have committed to improving trade figures between both nations.
Balogun said the two countries’ trade volume which was $2 billion in 2020 rose to $4.7 billion in 2023 and it is projected to read $5 billion in 2024.
According to industry report, in 2023, Indonesian exported a total of $290 billion globally, making it the number 27 exporter in the world. During the last five years, the exports of Indonesia have increased by $82.1 billion from $207 billion in 2018 to $290 billion in 2023.
The Vice President have directed the Presidential Enabling Business Environment Council (PEBEC) to coordinate relevant Ministries, Departments, and Agencies, Balogun said.
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The ministries in question include ministries of industry, trade and investment, agriculture, and health, along with Nigerian Export Promotion Council (NEPC), Nigerian Investment Promotion Commission (NIPC), and other strategic trade bodies.
He said that the 40th Indonesian Trade Expo would hold from October 15 to 19 in Jakarta, Indonesia and that the Nigerian-Indonesian Investment and Trade Forum would follow from October 21 to 23, also in Jakarta.
Nigeria and Indonesia currently trade in sectors like oil, manufacturing, FMCG, household items, pharmaceuticals, agriculture, and electronics, among others. He argued the need for both nations to deepen efforts, boost trade volumes, and strengthen their enduring bilateral relationship.
Ismael Balogun said to encourage Asian market expansion into Nigeria, NICCI has eased visa, accommodation, and tourism procedures for interested participants. He advised interested event participants to visit: www.nigerianindonesianchamber.com and www.niitf.org for further information.
Ishmael Balogun specially recognized NCCI’s platinum sponsor, ARISE Industrial Platform Remo, and their Chief Business Officer, Mr. Prasad Sane, as well as its keynote speaker, Dr. Biodun Adedipe, whose work as an economic advisor continues to shape how “we understand Nigeria’s fiscal health and strategic positioning.”
He added: “ My appreciation also goes to Ms. Chalya Shagaya, Senior Special Assistant to the President on Entrepreneurship Development, as well as Ifeoma Uddoh, the founder and CEO of Shecluded, and all other panelists joining us today for their time and insights”.
Also speaking at the event, Chalya Shagaya, Senior Special Adviser to President Tinubu on Entrepreneurship said Nigeria’s economy was on the slide into recession but President Tinubu’s policy intervention saved the day. Said she: “We inherited high inflation, low revenues, growing debt…We removed fuel subsidies, opened the foreign exchange market , recapitalized the banking sector and introduced tax and power sector reforms.”
Biodun Adedipe, Chief Consultant at B. Adedipe Associates Ltd. Who delivered the key paper at the forum, urged organsations to adopt the following resilience pillars: governance and ethics, and strategic partnerships, innovation, technology, leadership development and investment in human capital.
Additionally, he advised securing long term capital and sustaining sound financial practices.
Photo Caption
L-R: Kemi Ajisebutu, Board member NICCI Dr. Biodun Adedipe, founder, B. Adedipe Associates Ltd; Ifeoma Uddoh, founder & CEO of Shecluded; Ishmael Balogun, president, Nigerian Indonesian Chamber of Commerce and Industry (NICCI); Chalya Shagaya, SSA to the President on Entrepreneurship Development,; Prasad Sane, Chief Business Officer, Arise IPR; Anthony Obinwa, Board member NICCI, and Titi Fowora, CEO of Inu Designs Ltd at the event.
