Closing the SME Financing Gap: Nigerian Indonesian Chamber of Commerce and Industry leads Strategic Dialogue

The Nigerian Indonesian Chamber of Commerce and Industry (NICCI) successfully hosted its April 2026 Bi-Monthly Meeting at the Nigerian Institute of International Affairs (NIIA), Victoria Island, Lagos, convening a distinguished gathering of policymakers, financial institutions, investors, leaders of the organized private sectors, and diplomatic missions in Nigeria to advance conversations on sustainable economic growth through innovative banking and financial models.

The high-level engagement provided a strategic platform for exploring how emerging economies like Nigeria and Indonesia can unlock capital, deepen bilateral trade, and empower small and medium-sized enterprises (SMEs) through more adaptive and inclusive financial systems. The event featured a robust lineup of presentations from leading institutions including The Alternative Bank, Flutterwave, Sewa Capital, Tyro Group,  NEXIM Bank, BGL Capital and Indonesian Embassy.

The session commenced with opening remarks by the Chairman of the NICCI Trade Mission, Mr. Adesina Osinoiki, who welcomed participants and emphasized the importance of sustained collaboration in advancing Nigeria–Indonesia economic relations. He highlighted the growing role of innovation in shaping financial systems and driving inclusive growth across emerging economies. He encouraged stakeholders to leverage the platform to build partnerships and explore practical solutions for strengthening trade and investment ties.

In his welcome address, NICCI President, Mr. Ishmael Balogun, reaffirmed the Chamber’s role as a vital bridge between Nigeria and Indonesia, emphasizing the urgency of rethinking conventional financing systems to reflect the realities of modern economic growth. He noted that financing has evolved beyond a transactional function into a strategic tool for development and diplomacy, capable of shaping the future of bilateral cooperation. He called for a deliberate shift from collateral-based lending to market-driven financing models that align capital with productivity, innovation, and long-term value creation.

Delivering the keynote address, the Indonesian Ambassador to Nigeria His Excellency, Bambang Suharto highlighted Indonesia’s economic resilience and the central role of MSMEs in national development, noting that the sector contributes over 60 percent of GDP and employs the vast majority of the workforce. He emphasized the transformative potential of digital financial systems and cross-border payment integration in driving financial inclusion and strengthening trade ties between both countries.

Across the various presentations, industry leaders underscored the need for innovative financial infrastructure to address persistent gaps in access to capital. The Alternative Bank, through a fireside chat session featuring its Executive Director, Commercial and institutional Banking (Lagos & Southwest) Mrs. Korede Demola-Adeniyi in a conversation with the Master of Ceremony, Mrs. Titi Fowora (CEO of INU Design), provided insights into its non-interest banking model and its relevance to SME development. The discussion emphasized ethical financing, asset-backed structures, and tailored financial solutions designed to support real sector growth.

The Head Global Expansion & Payment Partnerships, Mrs. Mayokun Owolabi showcased Flutterwave’s role as a leading payments infrastructure company driving Africa’s digital economy through seamless, borderless transactions. The company highlighted its mission to unify fragmented payment systems across the continent through a single Application Programming Interface (API), enabling businesses to accept and make payments effortlessly across multiple markets. With a growing global footprint spanning Africa, Asia, Europe, and the Middle East, Flutterwave emphasized how its infrastructure, strategic partnerships, and tailored solutions are simplifying cross-border trade, improving settlement efficiency, and enabling SMEs to scale beyond local markets.

Sewa Capital’s Managing Director Mrs. Angela Jide-Jones emphasized the need to rethink traditional financing approaches, noting that the core challenge in emerging markets is not just access to capital, but access to the right kind of capital. The firm highlighted the limitations of relying solely on conventional banking, advocating for innovative capital market solutions that match appropriate financial instruments to businesses at different growth stages. It further underscored the importance of strengthening export value chains, preparing SMEs to become investment-ready, and building strong advisory and partnership ecosystems that can effectively connect capital to opportunity and drive sustainable, export-led growth.

Mrs. Folasade Aluko, The Principal Manager of Business Development, NEXIM Bank presented its mandate as Nigeria’s export credit agency, outlining its role in supporting non-oil exports through financing, guarantees, and advisory services. The Bank reiterated its commitment to strengthening export capacity, driving foreign exchange earnings, and supporting SMEs across key sectors such as manufacturing, agro-processing, and services.

Mr. Osaro Abusomwan, The Group MD of Tyro Group provided strategic insights into financing Nigeria’s real sector, particularly manufacturing, mining, and energy, stressing the importance of mobilizing patient capital, strengthening governance frameworks, and leveraging innovative financial instruments to drive sustainable industrial growth. The presentation also highlighted the role of structured investments and cross-border partnerships in unlocking long-term value and accelerating economic development.

BGL Capital represented by The vice president Mr. Chuka Nweze delivered a comprehensive framework for scaling Nigeria–Indonesia trade through capital market instruments, noting the the current trade value between the 2 countries rose from $1.9billion in 2020 to $6 billion in 2023. The firm proposed strategic solutions including SME-focused investment vehicles, export credit systems, and cross-border financial structures to unlock this opportunity.

Panel discussions at the event provided deeper insights into the role of fintech, digital banking, sustainable lending, and public-private collaboration in driving economic growth. The session was moderated by the Chairman of the NICCI Communications Committee Mr. Joshua Daranijo and featured a diverse panel of industry experts, including representatives from The Alternative Bank, Flutterwave, NEXIM Bank, BGL Capital Ltd, Tyro Group.

Participants emphasized that SMEs require not just access to capital, but access to structured financing supported by strong advisory ecosystems, regulatory alignment, and risk management frameworks. Conversations also addressed the need to de-risk investments, manage foreign exchange volatility, and bridge the financing gap for growth-stage enterprises. The session concluded with an interactive question-and-answer segment, where participants engaged panelists on practical implementation strategies, cross-border opportunities, and policy considerations for strengthening the financial ecosystem.

The meeting also featured the induction of new members into the Chamber, further strengthening NICCI’s growing network and reinforcing its commitment to fostering business connections, market access, and institutional collaborations. The induction segment, led by Capt. (Dr.) Giorgio Del celo, The Chairman of the NICCI Membership Committee underscored NICCI’s continued growth and its role in deepening Nigeria–Indonesia private sector engagement. Inducted companies included Frontwalker Exports Limited, SWAgCo Limited, Jackson, Etti & Edu, Bluebulbs Financial Limited, Delta Wire Industries Ltd, Aseba Stars Motors Limited, Ace Voyages ltd, Hilltop Insurance Broker, Intertel Nigeria Limited, Ecogas Energy Resources, ETravles and Tour Company Limited, Yuralod Integrated Solutions Ltd, Hemosh Energies Limited, AMSL Oil, The Flourishing Treats Company, Faoduf Integrated Limited, Diya, Fatimilehin and Co reflecting the Chamber’s expanding cross-sector membership base.

In another highlight of the programme, NICCI officially introduced its 10 standing committees, with committee heads formally presented and issued certificates of recognition. This milestone reaffirmed the Chamber’s structured governance framework and its commitment to driving focused engagements across key sectors, including trade, investment, policy, membership, and strategic partnerships.

The NICCI Bi-Monthly Meeting concluded with a vote of thanks delivered by Mr. Kemi Ajisebutu, CEO of AYP Consulting and a Director on The Board of NICCI. In his remarks he expressed appreciation to all participants, speakers, partners, and stakeholders for their active engagement and contributions to the success of the programme. He commended the Chamber’s leadership for its continued drive to foster meaningful dialogue and actionable outcomes.

The meeting further ended with a renewed call for coordinated action among the public sector, financial institutions, and the private sector to build a more resilient and inclusive financial ecosystem. The outcomes of the engagement underscored the importance of innovation, collaboration, and policy alignment in unlocking sustainable growth and transforming bilateral trade into a powerful engine for economic development.

As encapsulated in the Chamber’s vision, the engagement reaffirmed a shared commitment to not only strengthen trade relations but to fundamentally transform the economic partnership between Nigeria and Indonesia through forward-thinking financial solutions.