Nigeria and Indonesia are seeking stronger trade and investment ties as both countries look to expand business opportunities beyond the exchange of raw goods.Indonesian Ambassador to Nigeria, Bambang Suharto, said the two countries have considerable room to deepen their economic relationship through direct investment, technology transfer, local production and stronger business-to-business cooperation.
Voice of Nigeria reported on September 30, 2026, that Suharto made the remarks in Abuja at a reception organised by the Indonesian Embassy to mark Indonesia’s 81st Independence Anniversary.
“Our bilateral trade has consistently surpassed USD 3 billion annually,” he said.
Figures reported by Voice of Nigeria on July 21, 2026, citing the Indonesian Trade Promotion Centre (ITPC) in Lagos, put bilateral trade at $3.47 billion in 2024 and $3.24 billion in 2025, a decline of about 6.6%. Official Indonesian data cited by Arise News put 2024 trade at about $3.4 billion, with Indonesia running a deficit of about $2.5 billion. Other figures in circulation are higher: Suharto himself cited $4.7 billion for 2023 in November 2025, according to AllAfrica.
Palm oil is among Indonesia’s main exports to Nigeria, while crude oil is among Nigeria’s main exports to Indonesia.
Suharto urged businesses in both countries to pursue joint ventures that build domestic manufacturing, share technology and open markets. Arise News reported that agriculture and agro-processing, manufacturing, energy, infrastructure, pharmaceuticals and the digital economy were identified as sectors with significant potential.
A key venue for those talks is the 41st Trade Expo Indonesia (TEI), running from October 14 to 18, 2026, at BSD City, Tangerang.
City Post reported on October 14 that Suharto told West African delegates at a reception that 101 participants from the region had arrived for the event. He said agreements and memoranda of understanding worth about $10 million had reportedly been secured ahead of the official opening. City Post reported that gas appliances were among the areas covered.
The figures are lower than last year, though not like-for-like because this year’s total is a pre-opening figure. Suharto recalled that 109 West African participants attended TEI 2025, generating business potential estimated at more than $24 million.
Converting preliminary MoUs into binding transactions and operating projects will determine whether the partnership delivers beyond the headline numbers.
