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.
He said increased cooperation in oil exploration could have a more direct impact on Nigeria’s economy than trade alone, particularly through job creation, technology transfer and increased investment.
Balogun disclosed that an Indonesian government and business delegation had recently visited Nigeria for discussions with Nigerian officials and key players in the oil and gas sector.
Balogun said Nigeria had traditionally supplied crude oil to Indonesia through third party arrangements, but discussions were ongoing on establishing a more direct government to government relationship that could open up investment opportunities in exploration.
He said such investments could generate employment, improve technical knowledge and bring billions of dollars into Nigeria’s economy.
Balogun said the chamber was also working to make Indonesian products, companies and investment opportunities more accessible to Nigerian businesses that could not afford to travel to Indonesia.
He cited the chamber’s engagements during Food and Beverage West Africa in Lagos and the Kano Indonesian Expo, where Indonesian companies were invited to meet Nigerian businesses and explore commercial partnerships.
He said the chamber had also recorded increased participation by Nigerian businesses at the Indonesian Trade Expo, adding that 150 visitor visas were issued by the Indonesian Embassy in Nigeria for the Nigerian delegation to participate in this year’s activities.
Balogun maintained that the chamber was committed to strengthening business relations in both directions by helping Nigerian companies explore Indonesia and encouraging Indonesian companies to establish partnerships and investments in Nigeria.
Meanwhile, the Chief Executive Officer of Prime Next Logistics Ltd, Giorgio Enrico Del Celo, said international trade exhibitions provided opportunities for businesses to build relationships and identify potential partners across different markets.
Del Celo, an Italian who said he had lived in Nigeria for more than three decades, said his company’s participation in the trade expo was aimed at expanding its network and connecting with businesses from different countries.
“This Trade Expo and the next event next week is an opportunity, of course, for a freight forwarder to get connected with more and more people,” he said.
He explained that the company provided freight forwarding services, connecting people and cargo to and from Nigeria and other parts of West Africa.
According to him, the relationships established at international trade events might not immediately translate into business but could develop into commercial opportunities over time.
Del Celo said doing business in Nigeria required knowledge, patience, consistency and trust.
The logistics executive said businesses needed to build credibility and maintain reliable relationships with clients to achieve sustainable growth.
He said, “It’s not easy to do business in Nigeria. Let’s say the truth. Whoever says that it’s easy to do business, it’s not true.
“Trust is the main word. If you don’t have trust, no business. It’s very difficult to do business,” he said.
Del Celo, whose company recently marked 10 years of operation, said his experience in Nigeria had made him feel at home.
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