Nigeria, Indonesia to deepen ties as trade balance hits $2.6bn in 2021

Trade between Nigeria and Indonesia hit $2.6 billion in 2021 as both countries have announced plans to deepen trade ties.

The president, Nigerian Indonesia Chamber of Commerce and Industry, (NICCI), Ishmael Balogun, at a press conference to herald the Nigerian Indonesian Investment Trade Forum, 2022 scheduled to hold between the 17th and 27th October 2022 in Jakarta, said the investment summit would explore investment areas where both countries can take advantage off in both countries’ bid to boost trade ties.

Balogun stated that Nigeria and Indonesia have enjoyed strong bilateral trade relationships since 1960, saying that the major reason for organising the trade forum is to attract foreign investment into Nigeria.

He said to achieve this feat, the chamber has partnered with the Nigerian Indonesian Investment Promotion Commission.

“We did that because we are very clear on what we want to achieve. We want to tell the Indonesian government that we have verified businesses in Nigeria that they can do businesses with and they can be rest assured that everything they do will turn out fine.

He said the Chamber is also partnering with the Nigeria Export Promotion Council ((NEPC) to showcase Nigerian non-oil exports to Indonesia and the world at large.

He said the trade value for the 2021 trade expo was about $6.6 billion and the expo attracted over 15000 exhibitors.

The Nigerian Ambassador to Indonesia, Ambassador Usman Ogeh, said both countries have similarities in terms of natural resources, but emphasised on the need for both countries to deepen its trade relationship to develop their natural resources.

He urged participants that would be attending the forum to take advantage of the summit to transform their businesses while also promoting the good image of credible Nigerian businesses.

The Director, Indonesia Trade Promotion Council, (ITPC), Hendro Jonathan, said Indonesia has maintained a four per cent growth in the past five years despite the pandemic, adding that the Indonesian economy is resilient and is ready to do business with Nigeria

He commended the Nigerian government for promoting non-oil export, saying that the total export of Nigeria to Indonesia is almost 10 times bigger than Indonesia’s export to Nigeria.

“It is mainly crude oil products, but the non-oil export has grown more than 46 per cent since January to date,” he stated.

He urged interested participants to register for the expo online, adding that the expo is the first international expo the country is hosting since the pandemic outbreak.