NICCI Hosts Power-Packed Mid-Year Economic Outlook to Champion Resilience in Nigeria’s Economic Recovery

The Nigerian-Indonesian Chamber of Commerce and Industry (NICCI) convened over 150 high-level participants at the Lagos Continental Hotel for its flagship Mid-Year Economic Outlook 2025, under the timely theme: “Building Resilience in a Turbulent Economy.”

The gathering brought together business leaders, policymakers, international investors, and entrepreneurs from across the private and public sectors to examine Nigeria’s macroeconomic direction, explore strategic responses to global volatility, and unlock bilateral opportunities between Nigeria and Indonesia.

Guests were greeted by the warm ambiance of the venue as soft jazz and the scent of freshly brewed coffee welcomed them to a day of insight, collaboration, and economic strategy. The event was anchored by Mrs. Titi Fowora, who set an energetic tone before inviting Mr. Ishmael Balogun, President of NICCI, for the opening address.

In his remarks, Mr. Balogun reflected on NICCI’s transformation since its establishment in 1997. From near dormancy just a few years ago, the Chamber has grown to become a vital player in strengthening trade ties boosting bilateral trade from US$1.9 billion in 2019 to US$4.7 billion today. “Diplomacy should not be left to government alone,” he said, emphasising the importance of business-to-government collaboration in repositioning Nigeria’s global business image.

Balogun also urged businesses of all sizes startups, SMEs, and multinationals to leverage NICCI’s expansive services, which include trade missions, policy roundtables, legal advisory, FDI matchmaking, and visa facilitation. He announced NICCI’s upcoming programs, including Indonesia Expo Kano (July 16–18), the 40th Indonesian Trade Expo (October 15–19), and the 4th Nigerian-Indonesian Investment & Trade Forum in Jakarta (October 21–23).

Representing the federal government, Ms. Chalya Shagaya, senior special assistant to the President on entrepreneurship development, detailed ongoing national reforms. These include forex market unification, subsidy removal, tax reforms, power sector overhaul, and intervention funds to empower MSMEs and nano-businesses. “Entrepreneurs aren’t waiting for perfect conditions, they’re building the future now,” she said, calling for deeper public-private collaboration with platforms like NICCI.

The event’s platinum sponsor, ARISE Industrial Platform Remo (IPR), presented its transformative 5,100-hectare Special Economic Zone in Ogun State. According to Mr. Prasad Sane, Chief Business Officer, the IPR zone offers 0% VAT, tax holidays, a gas-fired power plant, cargo infrastructure, and sector-focused clusters in agro-processing, EV batteries, pharma, and electronics. “We are committed to turning Africa into the next green industrial powerhouse,” he affirmed.

Renowned economist and keynote speaker Dr. Biodun Adedipe provided a data-rich briefing on Nigeria’s outlook. He projected 4.0% GDP growth, ₦1,590/$ FX stability, and 21.7% inflation moderation in 2025. His proposed 7-pillar resilience framework urged investment in governance, foresight, partnerships, capital, sustainability, innovation, and leadership. “A mind trained to see opportunities will not surrender to or complain about problems,” he said.

A lively panel session followed, featuring all speakers and Mrs. Ifeoma Uddoh, Founder of Shecluded, who emphasized the importance of gender-inclusive financing and digital tools in building a more resilient economy.

The event concluded with networking, light refreshments, and an overwhelming sense of optimism. NICCI expressed deep appreciation to its Board of Directors, event partners, and in particular ARISE IPR, whose premium sponsorship enabled the success of the forum.