Nigeria Overtakes South Africa as Indonesia’s Top African Investment Destination

Nigeria has become Indonesia’s top investment destination in Africa, surpassing South Africa, with a trade balance exceeding $4.7 billion in 2022. This announcement was made by the President of the Nigerian-Indonesian Chamber of Commerce and Industry (NICCI), Mr. Ishmael Balogun, during a press conference in Lagos.

Balogun highlighted that South Africa was previously Indonesia’s top trading partner in Africa in 2019. However, Nigeria took the lead in 2020 with a trade balance of $2.0 billion, which grew to $2.7 billion and further to $4.7 billion in 2022. He attributed this increase to NICCI’s efforts in promoting bilateral trade and investment between the two nations.

The upcoming 3rd edition of the Nigerian-Indonesian Investment and Trade Forum (NIITF), scheduled for June 3rd at the Abuja Continental Hotel, will focus on expanding bilateral investment and trade. President Bola Tinubu is set to deliver the keynote address. NICCI has partnered with the Indonesian Embassy in Nigeria and the Indonesian government to invite 70 Indonesian companies to Nigeria for this event.

Source: Vanguard