Nigeria seeks to leverage Indonesia's vast $1.4 trillion market to inform domestic policy decisions

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By Progress Godfrey

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Nigeria has stepped up efforts to strengthen economic cooperation with Indonesia, seeking to draw policy lessons from the Asian country’s $1.4 trillion economy as part of its broader growth and reform agenda.

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This was at the core of discussions when the Ministry of Budget and Economic Planning received the Ambassador of the Republic of Indonesia to Nigeria, Mr. Bambang Suharto, in Abuja during a courtesy visit. According to a ministry statement on Tuesday, the visit aims to advance discussions on economic cooperation, institutional partnerships, and sustainable development.

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Minister of Budget and Economic Planning, Senator Abubakar Bagudu, led Nigeria’s delegation at the meeting, which also included the Minister of State, Dr Doris Uzoka-Anite, the Permanent Secretary, Dr Deborah Odoh, and other senior officials.

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“Indonesia remains a vital partner for Nigeria as we strive for inclusive growth and economic transformation. There is much we can accomplish together through shared knowledge, investment, and innovation,” Bagudu said.

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The minister noted that Nigeria is keen to understudy Indonesia’s economic transformation as it implements its 2026–2030 National Development Plan, while pursuing its ambition to build a $1 trillion economy driven by private-sector participation and global collaboration.

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In his remarks, the Indonesian Ambassador to Nigeria, Mr Suharto, reaffirmed his country’s commitment to strengthening long-standing ties with Nigeria, identifying key areas of cooperation, including trade and investment, budget management, economic diversification, and capacity building.

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The ambassador highlighted ongoing agricultural collaboration, particularly livestock development initiatives in Sokoto and Kebbi states, as well as growing partnerships in the pharmaceutical sector, with Indonesian firms establishing manufacturing facilities in Lagos.

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He also outlined plans to develop Maintenance, Repair, and Overhaul facilities for aircraft and maritime assets in Nigeria, aiming to position the country as a regional hub for such services.

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Also speaking, Minister of State for Budget and Economic Planning, Dr Uzoka-Anite, emphasised the strong cultural and economic ties between both countries, urging deeper engagement and knowledge exchange to translate opportunities into measurable outcomes.

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Earlier in her welcome address, Permanent Secretary, Dr Odoh, described the visit as a reflection of the enduring partnership between Nigeria and Indonesia, noting that Indonesia’s progress in governance, diversification, and public sector innovation offers useful lessons for Nigeria while opening new pathways for institutional collaboration.

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