Nigeria-Indonesia investment to boost GDP, create jobs, says NICCI president, Balogun

By Favour Ulebor The President of the Nigerian Indonesian Chamber of Commerce and Industry, NICCI, Ishmael Balogun, has said increased investment between Nigeria and Indonesia, particularly in oil and gas exploration, will boost Nigeria’s Gross Domestic Product, GDP, create jobs and promote knowledge transfer. Balogun spoke during the Nigerian Indonesian Investment and Trade Forum, NIITF, which held its fifth edition in Jakarta from October 20 to 21, 2026, with a focus on expanding bilateral trade and investment in oil and gas, renewable energy, agriculture, pharmaceuticals and infrastructure development. He said stronger economic cooperation between the two countries would enable Nigerian businesses to access more opportunities in Indonesia while attracting foreign direct investment into Nigeria.

According to him, the chamber, established in 1997 to promote bilateral trade between Nigeria and Indonesia, currently has about 155 corporate members operating across several sectors, including oil and gas, agriculture, renewable energy, manufacturing, infrastructure and pharmaceuticals. Balogun said the chamber also facilitated transactions among its members, with intra chamber transactions exceeding N1 billion annually. He said trade between Nigeria and Indonesia had grown from $2 billion in 2020 to $2.7 billion in 2021, $2.9 billion in 2022 and $4.5 billion in 2023.

According to him, Indonesia purchases about $3 billion worth of crude oil from Nigeria annually, while Nigerian businesses import pharmaceutical products, palm oil, electronics and fast moving consumer goods from Indonesia. He added that Indonesia also imports agricultural commodities from Nigeria, providing opportunities for businesses in both countries. Balogun said the chamber established the Nigerian Indonesian Investment and Trade Forum in 2022 to create a platform for Nigerian investors to explore opportunities in Indonesia and encourage Indonesian businesses to invest in Nigeria.

He said previous editions had attracted government officials, diplomats and private sector representatives from both countries, leading to the signing of memoranda of understanding and further business engagements. The NICCI president said the 2026 edition focused on oil and gas, renewable energy, agriculture, aquaculture, animal husbandry, pharmaceuticals and infrastructure development.