- Hosts 3rd Nigeria-Indonesian trade forum in Abuja
- Nigeria tops Indonesia’s investment destination in Africa
The Nigerian-Indonesian Chamber of Commerce and Industry (NICCI) has projected the the balance of trade between Nigeria and Indonesia is expected to leapfrog to $6 billion for the year ended 2023 from $4.7 billion when the result is released soon. With that trade volume expected to hit $6 billion for 2023, the Nigerian-Indonesian Chamber of Commerce and Industry said this will consolidate Nigeria’s position as the number one investment destination in Africa.
Nigeria become the top investment destination for Indonesia in Africa, overtaking South Africa, with a trade balance in excess of $4.7 billion in 2022.
President of NICCI, Mr. Ishmael Balogun, stated this at a
press conference, in Lagos over the weekend, to announce the upcoming 3rd
edition of the Nigerian-Indonesian Investment and Trade Forum (NIITF) taking
place on June 3rd at the Abuja Continental Hotel.
Balogun noted the South Africa was Indonesia’s top trading
partner in Africa in 2019, but was upstaged in 2020 by recording trade balance
of $2.0 billion, adding that it rose to $2.7 billion and $4.7 billion in 2022,
while the figure for 2023 is still being expected.
According to him, the promotional efforts of NICCI aimed at
enhancing bilateral trade and investment between the two countries contributed
to the rising trend in the trade balance.
His words: “The vision of NICCI is to promote bilateral
trade and investment between Nigeria and Indonesia. In performing this task, we
have positioned Nigeria as the number one investment destination in Africa.
Currently, Nigeria is Indonesia’s number one trading partner in the continent
of Africa with trade balances of $4.7 billion as at 2022.
“The board and management of NICCI is very intentional in
the continuous promotion and engagement between the two counties either through
trade forums, trade fairs, bilateral symposiums and deliberations that
continues to create opportunities for interactions and negotiations that
promotes our bilateral trade and investment balances.
“The previous two editions were held in Jakarta, Indonesia
in October 2022 and 2023, respectively. This year, we have decided to bring
Indonesians to experience Nigeria in its full entirety.”
He said that the theme of this year’s NIITF is “Indonesia
meets Nigeria, an opportunity for expansion of bilateral investment and trade”,
adding that The keynote address is expected to be delivered by President Bola
Tinubu.
To this extent, Balogun added that NICCI has partnered with
the Indonesian Embassy in Nigeria under the leadership of the Indonesian
ambassador to Nigeria, Amb. Dr. Usra Hendra Harahap in collaboration with the
Indonesian government through the Ministry of Trade and Foreign Affairs to
invite 70 Indonesian companies to Nigeria.
“We have partnered with the several government and private
sector led organizations. They include: Ministries of Industry, Trade and
Investment; Foreign affairs; Solid Minerals Development; Steel Development;
Youth and Sports Development; Tourism; Government of Lagos, Ekiti, Enugu and
Kogi States; NACCIMA, Indonesia Trade Promotion Centre; NIPC; NEPC; Traxport
Rail Services; Signature Global Real Estate; Kain Smith & Co; and
Continental Hotel, amongst others,” he added.