Nigeria and Indonesia are exploring direct government-to-government oil and gas partnerships that could attract billions of dollars in investment, create jobs and facilitate technology transfer, the President of the Nigerian-Indonesian Chamber of Commerce and Industry, Ishmael Balogun, said.
Balogun told reporters on Saturday after the Indonesian 41st Trade Expo, where hundreds of Nigerian delegates were present.
Highlighting efforts to deepen bilateral trade and investment, Balogun said Indonesia currently buys about $3bn worth of Nigerian crude oil annually, adding that shifting from third-party transactions to direct government-to-government arrangements could unlock investment opportunities in oil exploration and other sectors.
“Indonesia has been buying crude from Nigeria, but they are buying it from a third-party kind of relationship. But this time around, we’re looking at a relationship where they can do a G2G, which opens up a lot of opportunities in exploration,” he said.
According to Balogun, direct investment in exploration would generate
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