By Gloria Ikibah
Indonesia and Nigeria have signed business agreements worth $10 million to strengthen bilateral trade and investment, with deals covering commodities, wellness products and domestic gas appliances. 
The agreements were signed by Indonesian and Nigerian private sector players at a business forum in Indonesia, attended by officials and business representatives from both countries.
Indonesian Ambassador to Nigeria, Bambang Suharto, described the signing as a historic moment, saying the agreements would open up more opportunities for commercial cooperation between the two countries.
He said: “Today we are witnessing a very historical moment for this year. Having signing ceremony of MoU, business contract with their counterpart in Indonesia so the amount reaches in total 10 million US dollar or 5 million US dollar each”.
Suharto said the memoranda of understanding covered the commodity sector, including wellness products, adding that Indonesian companies operating in Nigeria had contributed to local job creation and economic activity.
He also addressed the trade imbalance between the two countries, noting that Indonesian brands were more visible in the Nigerian market than Nigerian products in Indonesia.
The ambassador encouraged Nigerian businesses to explore investment opportunities in Indonesia, pointing to the large populations of both countries and their potential consumer markets.
Naijablitznews.com reports that Indonesia has a population of about 270 million people, while Nigeria has approximately 233 million, offering businesses access to substantial markets for goods and services.
Executive Director of Invest Nigeria, Sheye Oyetade, said his organisation participated in the forum to advance its memorandum of understanding with the Developing Eight (D-8), aimed at facilitating smoother trade between Nigeria and Indonesia.
Both countries are members of the D-8 economic cooperation organisation, which has expanded to include Azerbaijan.
Oyetade linked the business agreements to economic reforms under President Bola Tinubu’s administration, which he said had created opportunities for increased international trade and investment.
He said Nigeria’s growing population made the country an increasingly attractive market for international businesses.
“The signing of MoU is key because Africa is becoming the major darling of the world in terms of market. With our ever-growing population, by 2050 Nigeria will be the third largest populated country at about 400 million. Where the people are, there the market is,” Oyetade said.
Meanwhile, Michael Simon of RN Investments, a Port Harcourt-based oil and gas servicing company, said his firm had signed an agreement with Indonesian company Winn Gas to introduce affordable domestic gas appliances into the Nigerian market.
Simon said the products were designed for everyday household use and would be made available through major retail and distribution networks.
“The appliances we’re bringing are for domestic use, for the everyday consumer. The everyday man can essentially afford these appliances. We’re partnering with Shoprite, Nex and different cash and carry distributors across Nigeria,” he said.
He disclosed that the company had longer-term plans to establish a factory in Indonesia and expand the distribution of its products to other African countries.
The agreements are expected to strengthen private sector collaboration between Nigeria and Indonesia, while creating opportunities for businesses to expand into new markets.
The deals also highlight the potential for closer trade ties between the two countries through investment, product distribution and cooperation in sectors with growing consumer demand.
