Nigeria overtakes S/Afrika as top destination for Indonesia’s investment

Onwubuke Melvin
Onwubuke Melvin

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

This was disclosed by the President of The Nigerian – Indonesia Chamber of Commerce & Industry, Mr. Ishmael Balogun at a press conference, in Lagos over the weekend, according to Vanguard.

In addition, Balogun announced the upcoming 3rd edition of the Nigerian-Indonesian Investment and Trade Forum would take place on June 3rd at the Abuja Continental Hotel.

According to Balogun, South Africa was Indonesia’s top trading partner in Africa in 2019 but was upstaged by Nigeria in 2020 recording a trade balance of $2.0 billion. The figure rose to $2.7 billion and $4.7 billion in 2022, while 2023’s figures are not yet available.

He stressed that the growing trend in trade balance has been helped by NICCI’s promotion activities in increasing Bilateral Trade and Investments between both countries.

He said “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 of 2022.

“The board and management of NICCI are very intentional in the continuous promotion and engagement between the two counties either through trade forums, trade fairs, bilateral symposiums, and deliberations that continue to create opportunities for interactions and negotiations that promote 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 added that the theme of this year’s NIITF is “Indonesia meets Nigeria, an opportunity for expansion of bilateral investment and trade”, noting that The keynote address is expected to be delivered by President Bola Tinubu.

Balogun stated that the NICCI has collaborated with the Indonesian Embassy in Nigeria on the initiative of Indonesia’s Ambassador. In partnership with the Indonesian government, under the Ministry of Trade and Foreign Affairs, Dr. Usra Hendra Harahap has invited 70 Indonesian companies to Nigeria.

“We have partnered with 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.

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