The Nigerian Indonesian Chamber of Commerce and Industry (NICCI) has forecasted that the trade volume between Nigeria and Indonesia will reach at least $5 billion when the 2024 official figures are published.
This projection was made by NICCI President, Ishmael Balogun, during a weekend press briefing in Lagos, where he highlighted the consistent growth in trade between the two countries over recent years.
“Since 2019, trade between Nigeria and Indonesia has seen a steady rise. Indonesia imports goods from Nigeria worth approximately $2 billion annually, while Nigeria sources electronics, fast-moving consumer goods, household consumables, and pharmaceuticals from Indonesia,” Balogun explained.
He added, “In 2019, trade stood at $1.9 billion, increasing to $2 billion in 2020, a milestone that positioned Nigeria as Indonesia’s largest African trading partner, surpassing South Africa. By 2023, trade volume had surged to $4.7 billion. We anticipate this figure to reach around $5 billion in 2024.”
Balogun also revealed strong federal government backing for the upcoming Nigeria-Indonesian Investment and Trade Forum 2025, slated to take place later this year in Jakarta. The event aims to further deepen bilateral trade ties and attract foreign investment into Nigeria.
He confirmed that the Office of the Vice President, Kashim Shettima, along with key ministries and agencies, have committed to supporting efforts to enhance trade relations. The Vice President has instructed the Presidential Enabling Business Environment Council (PEBEC) to coordinate efforts across ministries of industry, trade and investment, agriculture, health, as well as bodies like the Nigerian Investment Promotion Commission (NIPC) and Nigerian Export Promotion Council (NEPC).
Highlighting key upcoming events, Balogun noted that the 40th Indonesian Trade Expo will be held in Jakarta from October 15 to 19, followed by the Nigeria-Indonesian Investment and Trade Forum from October 21 to 23, also in Jakarta.
He emphasized the importance of sustained collaboration to boost trade volumes and deepen the enduring partnership between Nigeria and Indonesia.
To facilitate stronger Asian market participation in Nigeria, NICCI has introduced streamlined visa, accommodation, and tourism processes for prospective delegates.
Currently, bilateral trade encompasses sectors such as oil, manufacturing, fast-moving consumer goods, household items, pharmaceuticals, agriculture, and electronics, reflecting the diverse and growing nature of the Nigeria-Indonesia commercial relationship.
