The agreement was reached on Tuesday at a bilateral meeting Osinbajo held with his Indonesian counterpart, Jusuf Kalla, a release issued by Mr Laolu Akande stated.
The meeting was on the sidelines of the Extractive Industries Transparency Initiative ( EITI ) Beneficial Ownership Transparency Conference in Jakarta, Indonesia.
According to Osinbajo, Nigeria is open for business and more investment and recalled the partnership reached with members of the Indonesian Chamber of Commerce on Monday.
“We are looking forward to more Indonesian investments especially in the manufacturing sector in Nigeria, trying to exploit our local raw materials,” he said.
The vice president also informed his counterpart that the Muhammadu Buhari administration had implemented reforms that had made the Nigerian business environment “a more favourable environment”.
Osinbajo expressed appreciation to the Indonesian government and extended greetings to President Joko Widodo.
In his own remarks, the Indonesian Vice President said his country was also ready for more economic cooperation with African countries, especially Nigeria.
Other issues discussed by the two Vice Presidents included areas of collaboration in the Agriculture and agro-allied sector including palm oil research and production.