Nigerian, Indonesian firms sign $10m business agreements to boost trade

Nigerian and Indonesian companies have signed business agreements worth a combined $10 million to strengthen trade and economic cooperation between the two countries.

The Indonesian Ambassador to Nigeria, Bambang Suharto, disclosed this on Thursday during a memorandum of understanding signing ceremony at the 2026 Trade Expo Indonesia, involving Nigerian investors and their Indonesian counterparts.

The agreements formed part of 55 memoranda of understanding signed at the expo between Indonesian companies and international business partners from countries including Nigeria, Australia, Canada, Germany, Malaysia, South Africa, South Korea, the United Arab Emirates and Vietnam.

Speaking to journalists, Suharto described the Nigerian-Indonesian agreements as a significant development in bilateral business relations, expressing hope that the partnerships would generate economic benefits for both countries.

“Today we are witnessing a very historical moment for this year. We have two companies who are having signing ceremony, the MOU, a business contract with their counterpart in Indonesia. So, the amount reached in total 10 million USD or 5 million USD each,” the ambassador said.

He explained that the agreements covered the dental equipment and pharmaceutical sectors, which he described as important areas with implications for public welfare.

Suharto also encouraged Indonesian businesses to explore investment opportunities in Nigeria, noting that some Indonesian companies already operating in the country had created jobs and utilised locally available resources.

He urged Nigerian companies to consider investing in Indonesia, highlighting the countries’ large populations and available workforce as factors that could attract investors.

“We have 280 million people and Nigeria has 230 million people. In both countries, we have a demographic bonus. So, we have also attractive manpower, which is good for investment,” he said.

One of the Nigerian investors involved in the agreements, Ralph-Michael Simon-Michael of Irad Investment Limited, said his company had partnered with Indonesian firm PT Winn Appliance to introduce domestic gas appliances to the Nigerian market.

Simon-Michael said the company, headquartered in Port Harcourt, Rivers State, planned to make the products affordable and accessible to everyday consumers through established distribution networks.

“So, we’re based in Port Harcourt, our headquarters. So, we’re an oil and gas servicing company. We’ve come to Indonesia to partner with a company called Win Appliances. So, we’re going to be bringing gas, domestic appliances into Nigeria,” he said.

He added that the products would be distributed nationwide through retail outlets and cash-and-carry distributors, including Shoprite and other outlets.

According to him, the company’s long-term plans include establishing a factory in Indonesia and expanding its operations into other African countries.

The Executive Director of Invest Nigeria, Sheye Oyetade, said the Nigerian delegation’s participation in the expo was aimed at translating existing cooperation agreements into practical trade and investment opportunities.

Oyetade explained that the visit was linked to a memorandum of understanding between Invest Nigeria and the Developing Eight (D-8), a group that includes both Nigeria and Indonesia.

“We actually came to service our Memorandum of Understanding with D8 to make sure that trade is actually seamless between Nigeria and Indonesia,” he said.

He also highlighted Nigeria’s growing consumer market, projecting that the country’s population could reach about 400 million by 2050.

Oyetade said the expanding population presented opportunities for businesses seeking to invest in Nigeria and supply products to its market.

The agreements are expected to strengthen commercial ties between Nigeria and Indonesia, with participants expressing hope that the partnerships would encourage further investment, job creation and the exchange of products and expertise.