Nigeria-Indonesia Investment Could Boost GDP and Create Jobs, Says Balogun

Ishmael Balogun, president of the Nigerian Indonesian Chamber of Commerce and Industry (NICCI), said stronger investment between the two countries, particularly in oil and gas exploration, could raise Nigeria’s GDP, create jobs and transfer knowledge. Speaking at the fifth Nigerian Indonesian Investment and Trade Forum in Jakarta on October 20–21, 2026, he said bilateral trade had grown from $2 billion in 2020 to $4.5 billion in 2023. Indonesia buys about $3 billion worth of Nigerian crude oil annually, while Nigerian businesses import pharmaceuticals, palm oil and electronics from Indonesia. An Indonesian government and business delegation recently visited Nigeria, as discussions continue on establishing direct government-to-government oil trade and investment ties.