NICCI seeks stronger Nigeria, Indonesia business ties

says Chamber ready to drive trade relations between the two countries

The Nigerian-Indonesian Chamber of Commerce and Industry (NICCI) has called for stronger existing trade relations between Nigeria and Indonesia to enhance the fortunes of both economies.

Making this call at NICCI’s Quarterly Chamber Meeting and Induction in Lagos, NICCI President, Mr Ishmael Adegorioye Balogun, assured of the Chamber’s readiness to prioritise and drive trade relations between the two countries and influence policies that would guarantee a more conducive business environment for their investors.

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Speaking on the theme ‘Unlocking Business Opportunities Between Nigeria and Indonesia for the 21st Century’, Balogun believed it has become imperative for Nigeria and Indonesia to further build their trade ties this year so as to enhance their Gross Domestic Products (GDPs) in terms of export and import businesses.

While disclosing plans by NICCI to participate in the upcoming 40th Trade Expo Indonesia and the 4th Nigerian-Indonesian Investment and Trade Forum (NIITF) in Jakarta, Indonesia, later this year, Balogun believed the events will provide members with access to high-level discussions, trade negotiations, and investment opportunities.

In his opening remarks, NICCI Chairman, Otunba Femi Pedro stressed the value of networking, knowledge-sharing, and trade missions, urging members to leverage trade visits to Indonesia and Nigeria for firsthand market exposure.

The Lagos State Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs Folashade Ambrose-Medebem, in her keynote address, underscored Lagos’ economic growth, with GDP rising from N19.65 trillion in 2023 to N27.3 trillion in mid-2024.

She highlighted some of the state government-backed policies aimed at attracting investors, including Lagos’ collaboration with the UK’s Foreign, Commonwealth & Development Office (FCDO) to establish an International Financial Centre.

Folashade also identified key investment opportunities in technology, real estate, manufacturing, agriculture, and renewable energy, which she believed could be latched on by investors.

The Director-General of the Presidential Enabling Business Environment Council (PEBEC), Zahrah Mustapha Audu, outlined major reforms by the federal government aimed at improving Nigeria’s business climate.

While highlighting the over 150 policy changes, including automated business registration, digital trade facilitation, and the reduction of bureaucratic hurdles, the PEBEC DG called on businesses to explore Indonesia’s tech-driven market as a gateway for expansion and stronger bilateral trade.

The Managing Partner at Greychapel Legal, Mr. Oladele Oladunjoye, emphasised the evolving nature of bilateral trade and investment, stressing the importance of digital transformation, sustainability, and regulatory compliance.

He described Nigeria and Indonesia’s economic ties as a blend of historical bonds and a shared vision for sustainable growth, innovation, and prosperity.

He identified the emergence of fintech, digital payments, renewable energy, and smart infrastructure as key developments shaping cross-border transactions.