By Narrative hub
The Nigerian Indonesian Chamber of Commerce and Industry has called for direct government to government oil deals between Nigeria and Indonesia to expand investment, create jobs and strengthen economic relations between the two countries.
The President of the chamber, Ishmael Balogun, made the call during the fifth edition of the Nigerian Indonesian Investment and Trade Forum, NIITF, held in Jakarta from October 20 to 21, 2026, where stakeholders explored opportunities in oil and gas, renewable energy, agriculture, pharmaceuticals and infrastructure development.
Balogun said Indonesia had been buying Nigerian crude oil through third party arrangements, but direct cooperation could open up investment opportunities in oil exploration and generate wider economic benefits for Nigeria.
He disclosed that an Indonesian government and business delegation had visited Nigeria less than a month before the forum to meet with Nigerian officials and energy sector stakeholders.
According to him, the delegation included representatives of Indonesia’s state owned energy company, PT Pertamina, and officials involved in renewable energy and oil exploration, as well as the Indonesian Vice Minister of Foreign Affairs.
He said the delegation held meetings with Nigeria’s Minister of Foreign Affairs, the Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission to discuss areas of cooperation.
Balogun said direct investment in exploration could bring billions of dollars into Nigeria, create employment and facilitate the transfer of technical knowledge.
He said the chamber was working to strengthen business relations between both countries and ensure that Nigerian businesses benefited from opportunities in Indonesia, while Indonesian investors were encouraged to establish operations and partnerships in Nigeria.
Balogun said the chamber, established in 1997, currently had about 155 corporate members operating in sectors including oil and gas, agriculture, renewable energy, manufacturing, infrastructure and pharmaceuticals.
He added that transactions among members of the chamber exceeded N1bn annually.
On bilateral trade, Balogun said Nigeria and Indonesia recorded $2bn in 2020, $2.7bn in 2021, $2.9bn in 2022 and $4.5bn in 2023.
He said Indonesia bought about $3bn worth of crude oil from Nigeria annually, while Nigeria imported pharmaceutical products, palm oil, electronics and fast moving consumer goods from Indonesia.
According to him, Indonesia also imported agricultural commodities from Nigeria.
Balogun said the chamber established the Nigerian Indonesian Investment and Trade Forum in 2022 to provide a platform for businesses and investors to explore opportunities in both markets.
He said the fifth edition focused on expanding cooperation in oil and gas, renewable energy, agriculture, aquaculture, animal husbandry, pharmaceuticals and infrastructure.
The chamber president added that it had organised business engagements in Nigeria to enable local companies to meet Indonesian manufacturers and investors without necessarily travelling abroad.
He cited the Food and Beverage West Africa event in Lagos, where more than 20 Indonesian companies were invited, and the Kano Indonesian Expo in July, which attracted more than 60 Indonesian companies.
Balogun said the chamber would continue to facilitate partnerships and encourage Nigerian businesses to take advantage of opportunities in Indonesia.
Meanwhile, the Chief Executive Officer of Prime Next Logistics Ltd, Giorgio Enrico Del Celo, said international trade exhibitions provided opportunities for businesses to build relationships and develop commercial partnerships.
Del Celo, an Italian who said he had lived in Nigeria for more than three decades, said the trade expo allowed his company to connect with potential clients and understand business opportunities in other markets.
He explained that his company provided freight forwarding services, connecting people and cargo to and from Nigeria and other parts of West Africa.
On the challenges of doing business in Nigeria, Del Celo said entrepreneurs needed time, knowledge and a clear understanding of the market.
Del Celo said trust and credibility were essential for businesses seeking sustainable growth.
He added that his company had operated for 10 years and maintained a steady client base, while his more than three decades in Nigeria had made him feel part of the country.
