Nigerian Indonesian Investment and Trade Forum

The Nigerian Indonesian Chambers of Commerce and Industry (NICCI) has extended an invitation to the Nigerian Investment Promotion Commission (NIPC) to host a Trade & Investment Forum in Jakarta, Indonesia, billed to take place on March 5 – 20, 2022.

Speaking during a presentation to NIPC’s Management earlier today, President of the Nigerian Indonesian Chambers of Commerce and Industry (NICCI), Mr Ishmael Balogun stated that the government of Indonesia recently concluded plans to prioritize Nigeria as its investment destination in Africa for the period of 2022 – 2026.

He further described Indonesia as a powerhouse economy diversified in Oil, Gas, Agriculture, Manufacturing & Technology, noting that a strategic alliance with Indonesia is crucial at this time, more especially in light of the recent National Development Plan (2021 – 2025) where the Nigerian government is seeking N348.1 trillion investment into the economy – with well over 80% of the value expected from the private sector.

Mr Balogun described the opportunities in Nigeria as large and untapped – including in oil and gas, renewable energy, digital economy, aquaculture, agriculture, robotics, aviation, defence, and pharmaceuticals.

“The Nigeria-Indonesian Investment & Trade Forum 2022 presents an opportunity to showcase Nigeria’s opportunities and attractiveness as a destination for foreign direct investment,” he said.

In his response, NIPC’s Ag. Executive Secretary/CEO, MR Emeka Offor expressed support for the partnership with NICCI, to organise and host the Investment & Trade Forum.

“At NIPC, we are always excited to partner – to promote Nigeria’s investment prospects. It is at the core of our mandate. We will work with you,” he said.

Recall that in 2018, NIPC Intelligence reported that the Indonesian tin mining company, PT Timah Tbk will invest US$26 million, to expand the state-owned enterprise in Nigeria –

Pt. Timah collaborated with a local company, Topwide LTD and are currently mining and exporting tin from Jos, Nigeria to China.

Another Indonesian firm, Pt. Intim Perkasa is also reported to have invested millions of dollars in the establishment of a petroleum modular refinery in Akwa Ibom State.

In all, there are over 15 Indonesian companies currently operating in Nigeria including Indorama, Dufil Prima, Muncul, Kalbe Farma and Sayap Mas Utama.

Dufil for example had established an instant noodles factory in Nigeria in 1995, and Indomie is probably the most popular noodle brand in Nigeria at this. Dufil is reportedly the largest instant noodles manufacturing plant in Africa.

At the end of the meeting, both parties expressed enthusiasm about the partnership’s potential to exponentially improve the investment relations between Nigeria and Indonesia.

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