Nigeria and Indonesia are recording more than $3bn in bilateral trade annually, highlighting the growing economic relationship between the two countries, Indonesian Ambassador to Nigeria, Bambang Suharto, has disclosed. Suharto said the volume of trade had strengthened Nigeria’s position as one of Indonesia’s leading trading partners in Africa and called for broader cooperation to unlock more opportunities for businesses and investors in both countries.

According to the ambassador, Nigeria plays an important role in Indonesia’s energy security by supplying essential energy resources, while Indonesian products have become increasingly common among Nigerian consumers and businesses. He noted that some Indonesian products were also being produced locally in Nigeria with the involvement of Nigerian workers, describing the development as an example of how bilateral economic partnerships can create value beyond simply importing and exporting goods.

Suharto said there was still significant room to expand the relationship, particularly as Nigeria and Indonesia collectively represent a market of more than 550 million people with young populations, growing businesses and substantial natural and human resources. He said the two countries could use this economic potential to increase trade, investment, technology exchange and employment, while Indonesian companies operating in Nigeria continue to contribute through investments, job creation and corporate social responsibility.

Speaking on Nigeria’s priorities, the Permanent Secretary of the Ministry of Foreign Affairs, Ambassador Dunoma Umar Ahmed, said Nigeria was interested in learning from Indonesia’s experience in industrialisation, manufacturing, digital transformation, infrastructure, agriculture, maritime development and the growth of small and medium-sized enterprises. He said stronger cooperation could help Nigeria develop local productive capacity, strengthen value chains, encourage technology transfer and attract sustainable investment.

Ahmed urged greater engagement between businesses, chambers of commerce, financial institutions and private-sector organisations in both countries. He identified agriculture and agro-processing, manufacturing, energy, infrastructure, pharmaceuticals, the digital economy and creative industries as areas with strong potential for increased trade and investment. He also called for practical steps to improve market access, business information sharing and the facilitation of contracts, as both countries seek to turn their growing trade relationship into deeper and more sustainable economic partnerships.

source: punch