Nigerian and Indonesian companies have entered into business agreements worth a total of $10m, in a move aimed at strengthening trade relations and expanding economic cooperation between the two countries.
The Indonesian Ambassador to Nigeria, Bambang Suharto, disclosed this on Thursday during the signing of memoranda of understanding between business representatives from both countries at the 2026 Trade Expo Indonesia.
The agreements formed part of 55 memoranda of understanding signed between Indonesian companies and international business partners from countries including Nigeria, Australia, Canada, Germany, Malaysia, South Africa, South Korea and the United Arab Emirates.
Suharto described the agreements involving Nigerian businesses as a significant milestone in bilateral economic relations. He expressed optimism that the partnerships would encourage investment, create employment opportunities and generate economic benefits for both countries.
According to the ambassador, the two agreements were valued at $5m each and covered the dental equipment and pharmaceutical industries, sectors he described as important to public health and welfare.
He called on Indonesian investors to explore more opportunities in Nigeria, noting that companies already operating in the country had contributed to employment generation and the utilisation of locally available resources.
Suharto also encouraged Nigerian businesses to consider investing in Indonesia, pointing to the countries’ large populations, available workforce and growing market opportunities as factors capable of attracting investors.
One of the Nigerian companies involved in the deal, Irad Investment Limited, announced a partnership with Indonesian firm PT Winn Appliance to introduce household gas appliances into the Nigerian market.
The company’s representative, Ralph-Michael Simon-Michael, said the Port Harcourt-based business, which operates in the oil and gas services sector, intended to make the appliances affordable and accessible to ordinary Nigerians.
He explained that the products would be distributed nationwide through established retail outlets and cash-and-carry distributors, including Shoprite and other distribution partners.
Simon-Michael added that the company hoped to expand its operations over time, including plans to establish a factory in Indonesia and extend its business activities to other African countries.
Meanwhile, the Executive Director of Invest Nigeria, Sheye Oyetade, said the Nigerian delegation’s participation in the trade expo was part of broader efforts to turn existing cooperation agreements into practical commercial opportunities.
He explained that the initiative was linked to a memorandum of understanding between Invest Nigeria and the Developing Eight (D-8) countries, which include both Nigeria and Indonesia. The objective, he said, was to facilitate smoother trade and strengthen economic partnerships among member countries.
Oyetade also noted that Nigeria’s economic reforms and large consumer market presented opportunities for international investors. He projected that the country’s population could reach approximately 400 million by 2050, further increasing its potential as a destination for investment and consumer products.
The $10m agreements are expected to strengthen commercial ties between Nigerian and Indonesian businesses, with the participating companies expressing hope that the partnerships would promote investment, create jobs and facilitate the exchange of products, technology and expertise between the two countries.
