- Share
- Tweet
Nigerian and Indonesian companies have signed <a href="https://usglobalxpress.com/kelvin-umechukwu-make-africas-top-10-business-heroes-2026-list/” title=”Kelvin Umechukwu make Africa's Top 10 Business Heroes 2026 list”>business agreements worth a combined $10 million to strengthen trade and investment ties between the two countries.
Indonesian Ambassador to Nigeria, Bambang Suharto, announced the agreements at a ceremony on Thursday, October 15, involving investors from both countries
The deals were part of 55 memoranda of understanding signed at an exhibition between Indonesian businesses and international partners from countries including Nigeria, Australia, Canada, Germany, Malaysia, South Africa, South Korea, Thailand and the United Arab Emirates
Suharto said the two agreements involving Nigerian and Indonesian companies were valued at $5 million each and covered the dental equipment and pharmaceutical sectors
He said the partnerships could deepen economic relations between both countries, create jobs and support local production. He also cited Indonesian companies already operating in Nigeria as examples of how foreign investment could generate employment and utilise locally available re
The ambassador encouraged Nigerian investors to explore opportunities in Indonesia, noting that the populations and available workforce of both countries could support business expansion. He added that Indonesia was open to Nigerian companies seeking to invest in its market
Ralph-Michael Simon-Michael, a representative of Irad Investment Limited, said the company had reached an agreement with Indonesian manufacturer PT Winn Appliance to introduce household gas appliances into Nigeria
Simon-Michael said the Port Harcourt-based company planned to distribute the products through existing retail and distribution networks, including Shoprite, Next and cash-and-carry distributors, to reach consumers nationwide
Beyond importing the appliances, he said the company hoped to establish a factory in Indonesia and eventually expand its operations into other African markets
Sheye Oyetade, Executive Director of Invest Nigeria, said the Nigerian delegation attended the exhibition to advance trade cooperation under an existing memorandum of understanding between Invest Nigeria and the Developing Eight (D-8), a group that includes Nigeria and Indonesia
He said the delegation sought to translate the cooperation framework into practical business arrangements that would facilitate trade between the two countries
Oyetade also identified Nigeria’s expanding consumer market and ongoing economic reforms as factors that could attract international investors. He projected that the country’s population could reach 400 million by 2050, creating additional demand for goods and services
The agreements are expected to strengthen commercial ties between Nigeria and Indonesia, with the businesses involved seeking to expand investment, create employment and increase the exchange of products and expertise
Don’t Miss
JAMB Warns Universities Against Issuing Admission Letters
Business4 years agoBREAKING: CBN announces New Withdrawal Policies, Pegs ATM Withdrawals Limit at N20,000 daily, N100,000 weekly
Business6 years agoFirst Bank Nigeria Joins SME Finance Forum
Business6 years agoFG Opens Application Portal for N75 Billion MSME Survival Fund 10pm Today, Releases Time-table for Payroll Support Scheme for different sectors
Business3 years agoCall for Applications: MTN ICT and Business Skills Training (N90 Million Grant for 300 Participants)
Business5 years agoSendbox raises $1.8 million in seed funding to digitize deliveries for African SMEs
Business6 years agoHow to apply and benefit from free CAC Business Name Registration for 250,000 MSMEs
- Business4 years ago
Call for Applications: Rural Youth Skill Acquisition Programme for Nigerian Youths (receive N50,000 monthly stipend)
Articles & Resources6 years agoHow to put your house in order for tax purposes