Nigeria, Turkey to Improve Bilateral Trade Volume

nigeria turkey trade volume

By Adedapo Adesanya

Nigeria’s Vice President, Mr Yemi Osinbajo, has said the country was open to more investment opportunities from foreign companies especially with the many potentials that will come with the African Continental Free Trade Agreement (AfCFTA).

In a chat with the Turkish business delegation led by the country’s Minister of Trade, Mrs Ruhsar Pekcan, at the presidential villa recently, Mr Osinbajo said both countries will be collaborating in the areas of construction, manufacturing, technology and other sectors.

Based on existing relations with Turkey, which had seen a significant number of improvement since 1982 as a blueprint, the Vice President said he believes this can be a good opportunity for other countries to invest in Nigeria and tap into potentials present in other sectors.

He noted that the country was looking forward to greater cooperation with Turkey and other countries in order to explore other areas to deepen economic ties.

“I think also that more opportunities will come for further interactions with Turkey, especially in the light of the African Continental Free Trade Agreement we just signed.

“I believe very strongly that this is an opportunity also for Turkey to participate fully in the African economies, in particular, Nigeria’s economy.

“As you are well aware, several Turkish companies are already operating in Nigeria, in construction, manufacturing and other areas,” he said.

In her remarks, the Turkish Minister of Trade said her government was also looking forward to improving the bilateral trade volume between Nigeria and Turkey and deepening economic ties.

She noted that there are several Turkish companies already in Nigeria and Turkish investors willing to invest in different sectors in the country.

Mrs Pekcan also thanked the Nigerian government for its continued support in tackling the global threat of terrorism.

Following a trade agreement signed in 1982 between Nigeria and Turkey, both countries have built a strong tie as Nigeria exports its liquefied natural gas (LNG) to Turkey since 1999.

In addition, Nigeria also exports cocoa, cola nuts, metal, tin ore, rubber, zinc, crude petroleum and coal products while it imports construction materials, Agriculture machineries, steel and electronic products from Turkey.

Business Post reports that in 2018, it was disclosed that the trade volume between Nigeria and Turkey was about $1.5 billion annually.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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