Market News

By Dotun Omisakin, Lagos

The city of Jakarta once again played host to a landmark event in economic diplomacy as the Nigerian–Indonesian Chamber of Commerce and Industry (NICCI) convened the fourth edition of the Nigerian–Indonesian Investment and Trade Forum (NIITF 2025).

Delivering his Presidential Address, Mr. Ishmael Balogun, President of NICCI,  expressed gratitude and a clear vision for the future.

“We are not merely gathered as representatives of two nations,” he said, “but as builders of a bridge — one that connects policy with progress, ideas with investment, and nations with new possibilities.”

He traced NICCI’s evolution from a once-dormant institution in 2018 to a dynamic chamber now recognized for shaping bilateral trade and policy. Under his leadership, NICCI has grown into a credible platform driving trade, investment, and economic diplomacy between both nations.

According to Balogun, trade between Nigeria and Indonesia rose from US$1.73 billion in 2019 to over US$6 billion by 2023, reflecting renewed investor confidence and deeper cooperation. He urged Indonesian investors to explore opportunities in oil and gas, agriculture, healthcare, manufacturing, renewable energy, mining, and the digital economy — while extending an open invitation to join a reciprocal trade mission to Nigeria in 2026.

Reinforcing that message, the Indonesian Ambassador-designate to Nigeria, His Excellency Ambassador Bambang Suharto, affirmed that bilateral trade between both nations reached US$4.7 billion in 2023, driven increasingly by non-oil sectors.

“Our two nations share not only economic aspirations but also the diversity and resilience that define our peoples,” the Ambassador said, adding, “Indonesia and Nigeria are both multi-ethnic, multi-religious nations that have found unity in diversity and progress through partnership.”

Representing Nigeria’s Vice President, Senator Kashim Shettima, Princess Zahrah Audu Mustapha, Director-General of the Presidential Enabling Business Environment Council (PEBEC), highlighted ongoing efforts to strengthen investor confidence, streamline business registration, and enhance the ease of doing business.