The Nigerian Indonesian Chamber of Commerce and Industry (NICCI) has projected that the trade volume between Nigeria and Indonesia will reach $5 billion by the end of 2024. This was disclosed by NICCI President, Mr. Ishmael Balogun, during a press conference in Lagos. He noted that since 2019, trade between the two countries has steadily increased, with Indonesia purchasing about $2 billion worth of Nigerian goods annually, while Nigeria imports electronics, FMCG products, pharmaceuticals, and other consumables.
Balogun explained that trade volume was $1.9 billion in 2019 and rose to $2.0 billion in 2020, surpassing South Africa as Indonesia’s leading African trade partner. By 2023, the figure had reached $4.7 billion, and NICCI believes 2024’s data will confirm an even higher figure. He attributed the rising trade volumes to strategic partnerships and the growing diversity of traded goods.
To further improve bilateral trade, Balogun announced that the Nigerian government, through the Office of the Vice President, has pledged full support for the 2025 Nigeria-Indonesian Investment and Trade Forum in Jakarta. The Vice President has instructed the Presidential Enabling Business Environment Council (PEBEC) to coordinate efforts among several key ministries and trade agencies, including the Ministries of Trade, Agriculture, and Health, as well as NIPC and NEPC, to boost investment opportunities.
In preparation for the event, NICCI is facilitating access for Asian market participants by simplifying visa, accommodation, and tourism processes. Balogun also highlighted the significance of the upcoming 40th Indonesian Trade Expo (October 15–19) and the Nigeria-Indonesian Forum (October 21–23), both in Jakarta, as key opportunities to deepen bilateral ties. Current trade sectors include oil, agriculture, electronics, pharmaceuticals, and consumer goods, underscoring the vast potential for future growth.
