NIGERIA, INDONESIA PLAN DIRECT OIL DEALS TO BOOST JOBS, INVESTMENT

Nigeria and Indonesia are exploring direct oil and gas partnerships that could bring investment, create jobs and support technology transfer, according to the Nigerian-Indonesian Chamber of Commerce and Industry.

The chamber’s President, Ishmael Balogun, said the discussions aim to move beyond crude oil purchases through third parties towards direct government-to-government cooperation.

Speaking after Indonesia’s 41st Trade Expo, Balogun said Indonesia buys approximately $3 billion worth of Nigerian crude annually.

He argued that a closer partnership could encourage Indonesian investment in exploration, giving Nigeria benefits beyond income from oil sales.

According to him, such investment could create employment, develop local expertise and generate opportunities for businesses supporting the energy industry.

Balogun said more than 25 Indonesian government and industry representatives visited Nigeria recently to explore cooperation.

The delegation included officials from state-owned energy company Pertamina, its exploration and renewable energy divisions, and Indonesia’s Vice Minister of Foreign Affairs.

He said they met Nigeria’s Minister of Foreign Affairs, alongside officials from the Nigerian National Petroleum Company Limited and the Nigerian Upstream Petroleum Regulatory Commission.

Balogun expressed hope that the talks would lead to concrete agreements. However, the report did not announce a signed deal or confirmed investment amount.

He also highlighted growth in trade between the countries, saying its value rose from $2 billion in 2020 to $4.5 billion in 2023.

Beyond energy, businesses from both countries trade in pharmaceuticals, agricultural commodities, electronics and consumer goods.

The chamber said it would continue connecting companies with potential partners as both sides seek to expand their commercial relationship.