$1tr economy: Nigeria taps Indonesia’s $1.4tr model
The federal government has said Nigeria is looking to learn from Indonesia’s transformation into a $1.4 trillion economy as it pursues its own ambition of building a $1 trillion economy
- Nduka Chiejina (Assistant Editor)
The federal government has said Nigeria is looking to learn from Indonesia’s transformation into a $1.4 trillion economy as it pursues its own ambition of building a $1 trillion economy under the administration of Bola Tinubu.
A statement from the ministry on Tuesday said the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, made the disclosure when Indonesia’s Ambassador to Nigeria, Bambang Suharto, paid a courtesy visit to the ministry in Abuja to deepen discussions on economic cooperation and development partnerships.
Bagudu said Nigeria is particularly interested in how Indonesia achieved such rapid economic growth, noting that the country’s experience offers useful lessons as Nigeria moves ahead with its 2026–2030 National Development Plan.
“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,” he said.
The minister added that achieving Nigeria’s $1 trillion economy target would depend largely on private sector participation and stronger collaboration with international partners.
Also speaking, Minister of State for Budget and Economic Planning, Dr. Doris Uzoka-Anite, said Nigeria and Indonesia share cultural and economic similarities that can support deeper cooperation. She called for stronger engagement and better knowledge exchange to turn opportunities between both countries into real economic gains.
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Earlier, the Permanent Secretary of the ministry, Deborah Odoh, described the visit as a sign of the long-standing relationship between both countries. She said Indonesia’s progress in governance, economic diversification and public sector reforms provides practical lessons Nigeria can adopt.
According to her, the engagement offers an opportunity to strengthen institutional collaboration and identify workable solutions that can drive inclusive growth, especially among countries in the Global South.
In his remarks, Ambassador Suharto said Indonesia remains committed to strengthening its relationship with Nigeria across key sectors.
He pointed to ongoing cooperation in agriculture, including livestock development projects in Sokoto State and Kebbi State, as well as growing partnerships in the pharmaceutical sector, where Indonesian companies are setting up manufacturing facilities in Lagos.
The ambassador also disclosed plans to expand cooperation into strategic industries such as aviation and maritime services, including the development of Maintenance, Repair and Overhaul facilities to position Nigeria as a regional hub.
Both countries agreed to strengthen their cooperation frameworks, expand investment opportunities and build stronger partnerships aimed at supporting sustainable economic growth.
