May 20, 2024

Nigeria tops Indonesia’s investment destination in Africa

Nigeria tops Indonesia’s investment destination in Africa

Ishmael Balogun

•Hosts 3rd Nigeria-Indonesian trade forum in Abuja 

Nigeria has become the top investment destination for Indonesia in Africa, overtaking South Africa, with a trade balance in excess of $4.7 billion in 2022.

President of NICCI, Mr. Ishmael Balogun, stated this at a press conference, in Lagos over the weekend, to announce the upcoming 3rd edition of the Nigerian-Indonesian Investment and Trade Forum (NIITF) taking place on June 3rd at the Abuja Continental Hotel.

Balogun noted the South Africa was Indonesia’s top trading partner in Africa in 2019, but was upstaged in 2020 by recording trade balance of $2.0 billion, adding that it rose to $2.7 billion and $4.7 billion in 2022, while the figure for 2023 is still being expected.

According to him, the promotional efforts of NICCI aimed at enhancing bilateral trade and investment between the two countries contributed to the rising trend in the trade balance.

His words: “The vision of NICCI is to promote bilateral trade and investment between Nigeria and Indonesia. In performing this task, we have positioned Nigeria as the number one investment destination in Africa. Currently, Nigeria is Indonesia’s number one trading partner in the continent of Africa with trade balances of $4.7 billion as at 2022.

“The board and management of NICCI is very intentional in the continuous promotion and engagement between the two counties either through trade forums, trade fairs, bilateral symposiums and deliberations that continues to create opportunities for interactions and negotiations that promotes our bilateral trade and investment balances. 

“The previous two editions were held in Jakarta, Indonesia in October 2022 and 2023, respectively. This year, we have decided to bring Indonesians to experience Nigeria in its full entirety.”

He said that the theme of this year’s NIITF is “Indonesia meets Nigeria, an opportunity for expansion of bilateral investment and trade”, adding that The keynote address is expected to be delivered by President Bola Tinubu.  

To this extent, Balogun added that NICCI has partnered with the Indonesian Embassy in Nigeria under the leadership of the Indonesian ambassador to Nigeria, Amb. Dr. Usra Hendra Harahap in collaboration with the Indonesian government through the Ministry of Trade and Foreign Affairs to invite 70 Indonesian companies to Nigeria.

“We have partnered with the several government and private sector led organizations. They include: Ministries of Industry, Trade and Investment; Foreign affairs; Solid Minerals Development; Steel Development; Youth and Sports Development; Tourism; Government of Lagos, Ekiti, Enugu and Kogi States; NACCIMA, Indonesia Trade Promotion Centre; NIPC; NEPC; Traxport Rail Services; Signature Global Real Estate; Kain Smith & Co; and Continental Hotel, amongst others,” he added.