NICCI Forum: Nigeria and Indonesia Deepen Business Partnerships

The quarterly meeting of NICCI welcomed new members, discussed important business prospects for the future, and promoted closer economic relations between Nigeria and Indonesia.

Business executives, government representatives, and important stakeholders gathered at the Delborough Hotel in Lagos on Friday for the Nigerian-Indonesian Chamber of Commerce and Industry’s (NICCI) quarterly meeting and induction ceremony to discuss economic cooperation between Nigeria and Indonesia. The goal of the event, which had as its theme “Unlocking Business Opportunities Between Nigeria and Indonesia for the 21st Century,” was to promote closer investment and commercial relations.

Ishmael Balogun, the president of NICCI, gave opening remarks, characterizing the chamber as a forum for cultivating collaborations, formulating significant policies, and commemorating achievement in trade facilitation. He pointed out that there are countless prospects for bilateral trade and investment between Nigeria and Indonesia at this crucial juncture in their economies.

Keynote speakers took the stage after Balogun’s comments. Princess Zahrah Mustapha Audu, the Director-General of the Presidential Enabling Business Environment Council (PEBEC), was one of the contributors. She offered noteworthy insights on the subject, highlighting Nigeria’s dedication to international trade and business-friendly reforms.

Princess Zahrah stressed in her speech how crucial it is to establish a stable, effective, and long-lasting corporate environment. She described how, since its founding in 2016, PEBEC has sought to lower bureaucratic obstacles, improve transparency, and implement more than 200 reforms that are beneficial to businesses.

“With ongoing initiatives like our Regulatory Impact Analysis Framework, RIA, and other several initiatives that have started to yield results, we at PEBEC have been working diligently to create an enabling environment for businesses to thrive,” she said.

One of the most important things that I believe you should know right now is that none of the 69 MBAs that we work with—who undoubtedly have an impact on all businesspeople operating in Nigeria, whether they are domestic or foreign companies—are able to propose new laws or regulations without first completing the Regulatory Impact Analysis Framework. In order to prevent businesses from being caught off guard and to enable them to foresee and plan, this framework makes sure that every new policy and reform is thoroughly considered. It also conducts numerous stakeholder interactions. Because stability is crucial to being able to foresee for business, I believe that the Nigerian business environment will become much more stable, and that this is an excellent time for many of the new Indonesian companies entering the Nigerian market.

The digitization of government services, a new complaint website called ReportGov, and a high-impact investment workstream that will support investors through regulatory procedures are just a few of the ongoing efforts that she highlighted for PEBEC. She promised that the goal of these measures is to lower trade obstacles and increase Nigeria’s appeal to international companies.

“I can guarantee you that PEBEC would make every effort to facilitate your business establishment in Nigeria under my direction. We are currently implementing numerous improvements to improve the usability and accessibility of our services. Therefore, one of the things we want to accomplish going ahead is to allow you to post your letters, demands, requests, and any other difficulties you may have on our newly redesigned website by May 1st, instead of sending us physical letters. Additionally, we have a workstream that we refer to as the High Investment Impact Workstream, and its purpose is to assist investors. PEBEC is there for you no matter what obstacles you are experiencing.

We are in the process of launching our ReportGov app. It is currently operational on our website, where you can simply go to file a complaint. ReportGov enables you to genuinely point out the things that our government isn’t performing well. In essence, it lets you report how you have interacted with our many ministries, departments, and agencies.

Otunba Femi Pedro, the NICCI Chairman, also spoke at the podium to stress the value of networking and information exchange for company sustainability. He stressed that NICCI’s trade missions to Indonesia provide priceless insights that have the potential to revolutionize enterprises and encouraged entrepreneurs to take use of them.

Joining NICCI entails surrounding oneself with the appropriate individuals. Nobody is an island. Through networking, you can gain knowledge from others who have already conquered the obstacles you confront in business,” he suggested.

“I’ve connected with a lot of Indonesians and businesses in Indonesia since I’ve been chairman of this chamber, and I’ve observed that Nigerian businesses have a lot to gain and very little to lose,” he continued. Feel free and be ready to learn a lot as a member of this chamber. There will be multiple trade trips to Jakarta, Indonesia. Despite its seeming high cost, it is well worth it. You will be a much better and more successful businessman when you return from one of these trade visits. I’ve attended a lot of these trade shows, and they’re always a success. It is a component of an investment in your company and business.

Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade and Investment (CCTI) Lagos State, also gave a keynote address. He gave an overview of the state’s thriving economy, stating that it had grown from ₦19.65 trillion in 2023 to ₦27.3 trillion in the first half of 2024, making it the second-largest economy in Africa after Egypt. Noting the state’s recent agreement with the UK’s Foreign Commonwealth and Development Office (FCDO) to develop an international financial center in Lagos, she underlined Lagos’ dedication to luring in foreign capital.

“This event could not have come at a more crucial time, especially considering that I glanced at my phone to see the bilateral trade numbers and all I could see was that they kept rising,” she added. It was 4.7 billion dollars the last time I looked at it. Lagos State would undoubtedly be on the trade delegation to Jakarta, it goes without saying.

Many were taken aback by the Lagos state economy’s remarkable rise from fifth place to the coveted second-largest and most prosperous economy in Nigeria, behind Egypt. Lagos has established itself as a destination for international trade. We have finally digitalized our simplified business registration process in Lagos State. Additionally, we have increased the transparency of how taxes and fees are administered, which has helped to eliminate any bureaucratic red tape. It’s intriguing to note that throughout time, Nigeria and Indonesia’s economic cooperation has continuously increased.

Following the keynote addresses, guests had the opportunity to connect directly with policymakers and industry leaders during an engaging panel discussion and interactive Q&A session. The chamber’s dedication to promoting a flourishing trade and investment network between Nigeria and Indonesia was further cemented at the event’s conclusion with the admission of new corporate members into NICCI.

Princess Zahrah reaffirmed the strategic importance of the Nigeria-Indonesia alliance in an interview with ARISE NEWS following the ceremony. She emphasized the parallels between the two emerging countries, pointing out that Indonesia can benefit from Nigeria’s abundant market and resource potential while Nigeria can learn from Indonesia’s flourishing economic environment.

She also emphasized the value of information sharing between the two countries, pointing to Nigeria’s burgeoning entrepreneurial spirit and Indonesia’s manufacturing prowess.

“I believe it’s advantageous for both parties, both for Indonesia and for Nigeria,” she stated. For the simple reason that our circumstances as developing nations are comparable, I believe it to be a fantastic idea. I believe Indonesia has some best practices that we might be able to adopt. Furthermore, I believe that Nigeria offers Indonesians a completely new market—and a sizable one at that—for many of the goods they manufacture. Therefore, it’s advantageous for both countries, in my opinion.

“With the recent announcement of our Ministry of Interior and Immigration’s new e-visa policy, which grants approval within 48 hours, I also want to encourage more Indonesians to travel to Nigeria.” It facilitates travel to Nigeria. Come see the possibilities and explore. Because we are at a point where we are prepared for development, for relationships that will benefit both parties, and for the proper kind of collaborations, I would like to see more foreign direct investment coming into Nigeria.