Nigeria and Indonesia Strengthen Economic Ties, Target $4.7bn Trade

Nigeria and Indonesia are strengthening economic ties through increased trade and investment, targeting $4.7 billion in bilateral trade by 2023. The Nigerian-Indonesian Chamber of Commerce and Industry (NICCI) hosted the Nigerian-Indonesian Investment Trade Forum (NIITF) to explore opportunities in various sectors.

Trade between the two countries has grown significantly, reaching $6 billion in 2023 from $1.73 billion in 2019. Key figures like Ishmael Balogun and Bambang Suharto emphasized the importance of diversifying trade beyond oil and gas.

Efforts are underway to enhance investor confidence and streamline business processes.