According to Mr. Ishmael Balogun, president of the Nigerian Indonesian Chamber of Commerce and Industry, or NICCI, the bilateral chamber plans to use the Nigeria Indonesia Investment and Trade Forum in Jakata, Indonesia, to increase the two nations’ trade balance and draw FDI, or foreign direct investment, into Nigeria.
The relationship between Nigeria and Indonesia dates back to 1965, according to Balogun, who spoke at the press conference held before the event. Since then, they have been engaging in a lot of bilateral commerce.
“In Indonesia, we purchase pharmaceutical products and other fast-moving consumer goods in exchange for Nigerian crude and other agricultural commodities like cocoa and ginger,” he said.
“Our trade balance in 2021 was $2.6 billion. While that is a good amount, I believe we can still do better.” We chose to hold the Nigeria-Indonesia Investment and Trade Forum at Jakata as a result.
Because we are quite clear about our goals, we are cooperating with the Nigeria Investment Promotion Commission (NIPC) in order to encourage foreign direct investment (FDI) into Nigeria, which is why we are holding this summit. In order to demonstrate that Nigeria has a lot of potential for non-oil exports, we are also collaborating with the Nigeria Export Promotion Council, or NEPC,” he stated.
“Nigeria benefits more from trade than Indonesia, so the Nigerian government is doing well to promote export trade to Indonesia,” stated Mr. Hendro Jonathan, Director of the Indonesian Trade Promotion Council, or ITPC.
