Nigerian Indonesian Investment and Trade Forum

The president of the Nigerian Indonesian Chamber of Commerce and Industry, NICCI, Mr. Ishmael Balogun, has said that the bilateral chamber intends to use the Nigeria Indonesia Investment and Trade Forum in Jakarta, Indonesia, to grow the trade balance between the two countries while attracting Foreign Direct Investment, FDI, into Nigeria.

Speaking at the press briefing ahead of the forum Balogun said the relationship between Nigeria and Indonesia goes way back as far as 1965, explaining that since then, they have been doing a lot of bilateral trade.

He stated: “Indonesia buys a lot of crude from Nigeria and other agricultural commodities such as cocoa, ginger among others, in return, we buy pharmaceutical products; fast moving consumer goods, clothing, and others.

“Our trade balance in 2021 stood at $2.6 billion, it is my opinion that though $2.6 billion is good we can still do better than that. For this reason, we decided to do the Nigeria-Indonesia investment and trade forum in Jakarta.

“Why we want to do this summit is that we want to attract Foreign Direct Investment, FDI into Nigeria which is why we are partnering with the Nigeria Investment Promotion Commission NIPC and we did that because we are very clear on what we want to achieve. We are also partnering with the Nigeria Export Promotion Council, NEPC to show that beyond oil Nigeria has a lot of potential in non-oil export,” he said.

The Director, of the Indonesian Trade Promotion Council, ITPC, Mr. Hendro Jonathan, said, “In terms of trade, Nigeria benefits more compared to Indonesia, so the government of Nigeria is doing well to promote export trade to Indonesia.”

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