28
Jan
Jan
TÜRKIYE, NIGERIA MOVE TO BOOST BILATERAL TRADE TO $5BN TARGET
-
Caroline Ameh / 7 days
- 0
- 3 min read
President Recep Tayyip Erdoğan of the Republic of Türkiye has announced plans to increase bilateral trade between Türkiye and Nigeria to $5 billion, as both countries intensify economic and strategic cooperation. President Erdoğan disclosed this on Tuesday in Ankara during a joint press briefing with President Bola Ahmed Tinubu, who is on a State Visit to Türkiye. According to Erdoğan, the current trade volume between the two nations stands at approximately $2 billion, with Türkiye exporting aircraft, helicopters, machinery, iron and steel products, and chemicals to Nigeria, while Nigeria supplies crude oil and agricultural commodities to Türkiye. He said discussions to scale up trade relations had already commenced, noting that the planned establishment of a Joint Economy and Trade Committee would play a critical role in expanding Turkish investments in Nigeria. “Today, we conducted a comprehensive review of our relations with the esteemed President and his delegation in the fields of trade, investments, energy, education and defence industry,” Erdoğan said. “We see significant potential, especially in trade and investment. Our commitment to achieving a $5 billion trade volume target is clear, and we discussed the necessary steps to reach this goal.” The Turkish leader praised President Tinubu’s economic reform agenda, describing the presence of several Nigerian ministers and top officials at the meeting as evidence of strong political will to reposition Nigeria’s economy. Erdoğan also commended Nigeria’s recent reforms in the energy sector and expressed optimism that cooperation between the Turkish Petroleum Corporation and Nigerian counterparts would deliver positive results. On security, the Turkish President pledged Türkiye’s support for Nigeria’s fight against insurgency, citing Türkiye’s experience in counterterrorism operations. “Terrorist organisations, particularly in Africa’s Sahel region, pose a threat to the peace of the entire continent. We stand by the friendly people of Nigeria in their fight against terrorism,” he said. He added that both countries explored opportunities for closer collaboration in military training, intelligence sharing, and defence industry cooperation, with Nigerian officials expected to engage Turkish defence firms during the visit. In his remarks, President Tinubu thanked the Turkish government for its readiness to partner with Nigeria in advancing global peace, stability, and shared prosperity. He emphasised the need for an inclusive economic framework that creates opportunities for vulnerable populations while fostering trade and investment. “What is important is trade and business without restrictions, giving opportunities to those who are ready to learn, work and prosper,” Tinubu said. The Nigerian President reaffirmed Nigeria’s commitment to promoting peace and stability across
