BREAKING: Nigeria, Indonesia Strengthen Business Ties At NICCI Forum
The Nigerian-Indonesian Chamber of Commerce and Industry (NICCI) hosted its quarterly meeting and induction ceremony at the Delborough Hotel in Lagos, on Friday, bringing together business leaders, government officials, and key stakeholders to discuss economic collaboration between Nigeria and Indonesia. The event, themed “Unlocking Business Opportunities Between Nigeria and Indonesia for the 21st Century,” focused on fostering stronger trade and investment ties.
The meeting opened with remarks from the President of NICCI, Ishmael Balogun who described the chamber as a platform for fostering partnerships, shaping impactful policies, and celebrating excellence in trade facilitation. He noted that Nigeria and Indonesia stand at a pivotal economic moment, with boundless opportunities in bilateral trade and investment.
Following Balogun’s remarks, the event continued with keynote speeches. Among the contributors was the Director-General of the Presidential Enabling Business Environment Council (PEBEC), Princess Zahrah Mustapha Audu, who shared notable perspectives on the topic, offering a unique take on the matter while highlighting Nigeria’s commitment to business-friendly reforms and international trade.
In her address, Princess Zahrah emphasised the importance of creating a predictable, efficient, and sustainable business environment. She outlined how PEBEC has worked to remove bureaucratic barriers, enhance transparency, and introduce over 200 business-friendly reforms since its inception in 2016.
She said, “At PEBEC, we have been working assiduously to create an enabling environment for businesses to thrive, with ongoing initiatives such as our Regulatory Impact Analysis Framework, RIA and other several initiatives which have started to yield results.
“One of the key things that I think you would be interested to know now is that of the 69 MBAs which we work with, who obviously affect everyone who’s doing business in Nigeria, whether it’s local or international businesses, none of these MBAs can come up with new reforms or policies without going through the Regulatory Impact Analysis Framework. And what this framework does, it ensures that we think through every new reform and new policy indepthly, and we also carry out a lot of stakeholder engagements so businesses are not unduly surprised and businesses can forecast and plan. So, I think you’re going to see a lot more stability in the Nigerian business climate and I think this is a great time for many of the new Indonesian companies that are coming into Nigeria, because stability is a huge part of being able to forecast for business.”
She also highlighted PEBEC’s ongoing initiatives, including the digitisation of government services, a new complaint platform (ReportGov), and a high-impact investment workstream that will handhold investors through regulatory processes. These reforms, she assured, are aimed at reducing trade barriers and making Nigeria more attractive to foreign businesses.
“I can assure you that under my leadership, PEBEC will do everything to make it simpler for you to situate your businesses here in Nigeria. We are doing a lot of reforms at the moment to make our services a lot more user-friendly and easier to access us. So, moving forward, one of the things we want to do is, rather than you sending us physical letters, you will be able to go onto our new and improved website by the 1st of May and basically upload your letters, your demands, your requests, whatever issues you have. And we actually even have a workstream, which we call the High Investment Impact Workstream, and what they do is they hand-hold investors. Whatever challenges you are facing, PEBEC is there.
“We have our ReportGov app, which we’re about to launch. At the moment, it’s active on our website where you can just go and lodge complaints. What ReportGov does is that it allows you to actually tell us what we’re not doing right as a government. It’s basically allowing you to report your interactions with our different ministries, departments, and agencies.”
The Chairman of NICCI, Otunba Femi Pedro also took to the podium to highlight the importance of networking and knowledge sharing for business survival. He urged entrepreneurs to take advantage of NICCI’s trade missions to Indonesia, stressing that such visits offer invaluable insights that can transform businesses.
“Being a part of NICCI means surrounding yourself with the right people. No person is an island. The challenges you face in business have been faced by others before, and through networking, you can learn from those who have already overcome them,” he advised.
He added, “Since I’ve been chairman of this chamber, I’ve related with many Indonesians and many businesses in Indonesia and I’ve seen that Nigerian businesses have a lot to gain and very little to lose. So, being a member of this chamber, feel free and be prepared to learn a lot. There will be several trade visits to Indonesia, to Jakarta. It may seem expensive but it is worth it. By the time you embark on one of these trade visits, you’ll come back much better and richer as an entrepreneur. I’ve been to many of these trade visits and they’re never ever wasted. It’s part of an investment in your business and your enterprise.”
Also speaking during a keynote address, The Commissioner for Commerce, Cooperatives, Trade and Investment (CCTI) Lagos State, Folashade Ambrose-Medebem provided insights on Lagos State’s booming economy, revealing that it had grown from ₦19.65 trillion in 2023 to ₦27.3 trillion in the first half of 2024, making it Africa’s second-largest economy after Egypt. She reaffirmed Lagos’ commitment to attracting global investments, noting the state’s recent agreement with the UK’s Foreign Commonwealth and Development Office (FCDO) to establish an international financial centre in Lagos.
She said, “This event could not have come at a more pivotal time, all the more, given that I had a quick look at my phone to look at what the numbers are, by way of bilateral trade and all I could see was that the numbers kept going up. The last time, I saw that it was 4.7 billion dollars. So, needless to say, Lagos state will definitely be on that trade mission to Jakarta.
“The Lagos state economy shocked many as it climbed from the fifth position to become the enviable second largest and most thriving economy in Nigeria after Egypt. Lagos has positioned itself as a magnet for global business. Our streamlined business registration in Lagos state is now digitised. We also have improved transparency in the administration of taxes and charges which have all been contributing to reducing all bureaucratic bottlenecks. It is interesting to state that the economic synergy between Nigeria and Indonesia has grown steadily over the years.”
Following the keynote speeches, a dynamic panel discussion and interactive Q&A session allowed attendees to engage directly with industry experts and policymakers. The event culminated in the induction of new corporate members into NICCI, further solidifying the chamber’s commitment to fostering a thriving trade and investment network between Nigeria and Indonesia.
Speaking exclusively with ARISE NEWS during an interview after the event, Princess Zahrah reinforced the strategic value of the Nigeria-Indonesia partnership. She pointed out the similarities between the two developing nations, stressing that Nigeria can learn from Indonesia’s thriving business climate, while Indonesia can tap into Nigeria’s vast market and resource potential.
She also stressed the importance of knowledge exchange between the two nations, highlighting Indonesia’s expertise in manufacturing and Nigeria’s growing entrepreneurial energy.
She said, “I think it’s mutually beneficial for both parties, both for Nigeria as well as for Indonesia. I think it’s a great initiative simply because we have a similar clime in terms of where we are as developing countries. I think there are some best practices that maybe we can learn from Indonesia. And then I think for Indonesians, Nigeria presents a whole new market, and a very large market at that, for lots of the products that they produce. So I think for both countries or both nations, it’s mutually beneficial.
“I also want to encourage more Indonesians to come into Nigeria with our new e-visa policy, which gives you approval within 48 hours, which our Ministry of Interior and the Immigration just recently are about to launch. It makes coming to Nigeria easier. Come, explore, and see opportunities. I want to see more foreign direct investment inflow into Nigeria, because we’re at that stage where we’re ready for development, we’re ready for mutually beneficial relationships, and we’re ready for the right kind of partnerships.”
