Trade volume to rise from $2bn to $5bn
President Recep Tayyip Erdogan of Türkiye has announced plans to raise bilateral trade with Nigeria to $5 billion, up from the current $2 billion, as both countries move to deepen economic cooperation.
Erdogan said discussions toward achieving the new target have already begun, with both sides agreeing on steps to accelerate trade and investment flows.
Joint economy committee to drive cooperation
Speaking at a joint press briefing in Ankara, Erdogan disclosed that a new Joint Economy and Trade Committee has been established to coordinate investments and remove bottlenecks affecting commercial ties between both countries.
“Today, we conducted a comprehensive review of our relations in the fields of trade, investments, energy, education and defence industry,” Erdogan said.
He added that both governments see strong potential for expansion, particularly in trade and long-term investments.
Energy, exports and security collaboration
Türkiye currently exports aircraft, helicopters, machinery, iron, steel and chemicals to Nigeria, while Nigeria supplies crude oil and agricultural products to the Turkish market.
Erdogan praised Nigeria’s ongoing economic reforms, especially in the energy sector, noting that they are restructuring the economy. He also expressed interest in possible collaboration between the Turkish Petroleum Corporation and Nigerian partners.
On security, the Turkish leader pledged support for Nigeria’s fight against insurgency, citing Türkiye’s experience in counter-terrorism and offering cooperation in military training and intelligence sharing.
Tinubu outlines inclusive economic goals
President Bola Tinubu said discussions focused on trade, business growth and building an inclusive economy that creates opportunities for vulnerable groups.
He also reaffirmed Nigeria’s role in promoting peace and stability in Africa, noting that both leaders discussed efforts to counter terrorism and other destabilising threats.
Nine agreements signed
Both countries signed nine agreements covering defence cooperation, diaspora policy, higher education, education, media and communication, halal quality infrastructure, diplomacy training, social services, and the formal establishment of the Joint Economy and Trade Committee.
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