A new chapter is opening in the economic relationship between Turkey and Nigeria. Following a meeting in Abuja on Friday between Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and a Turkish delegation led by Ambassador H.E. Hidayet Bayraktar, both nations have pledged to enhance Trade and investment, particularly in Agriculture and infrastructure. Minister Edun reaffirmed the commitment to a business-friendly environment and sustainable Economic Growth under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Meanwhile, the discussions emphasised the potential for increased collaboration in various sectors, including trade, investment, and technology. Edun emphasised the federal government’s readiness to support foreign businesses operating there, providing strategic insights to facilitate smoother economic cooperation. The Turkish delegation, in turn, commended the nation’s recent economic progress and lauded President Tinubu’s efforts to create an environment enabling businesses to thrive. This underscores the growing partnership between the two nations, which aims to unlock new economic growth and development opportunities.
Exploring new opportunities for trade and investment growth.
Furthermore, the meeting also centred on identifying and exploring new avenues for economic growth. Both nations acknowledged the untapped potential in their Bilateral Relations and discussed strategies to enhance trade volumes and Investment flows. Nigeria, with its vast natural resources and growing market, presents a lucrative opportunity for Turkish investors, while Turkey’s advanced industrial and technological sectors offer valuable expertise for local business diversification efforts. The discussions further emphasised the importance of creating a conducive environment for businesses, including addressing infrastructure, regulatory frameworks, and market access challenges.
However, the Turkish delegation expressed optimism about the future of the two countries’ relations, citing Nigeria’s recent financial reforms and commitment to sustainable development. They praised President Tinubu’s administration for improving the business climate, which has already begun attracting foreign investors. The federal government, on its part, reiterated its commitment to supporting foreign businesses and ensuring their success in the country. This mutual commitment to collaboration is expected to pave the way for more substantial business ties, benefiting both nations through job creation, Technology transfer, and increased trade.
Major agreement signed by the president in 2023 and beyond.
Since assuming office in 2023, President Bola Tinubu’s administration has signed at least 26 Memoranda of Understanding (MoU) with various foreign countries and agencies, covering sectors such as infrastructure, education, trade and investment, tourism, security, information technology, culture, energy, and sports. The combined value of these MoU’s exceeds ₦4.2 trillion, with some agreements’ values undisclosed. Notable partnerships include agreements with India to boost trade, a $500 million Renewable Energy and gas deal with Germany, and a nuclear energy MoU with Russia.
In addition, the government secured Infrastructure agreements with China and educational collaborations with Russia and Qatar. In August 2024, President Bola Tinubu emphasised the nation’s dedication to strengthening bilateral relations with Brazil. He noted the importance of direct flights between the two nations to facilitate closer ties and commercial cooperation. Likewise, in January 2025, the region authorised the import of bovine and buffalo embryos from Brazil, aiming to enhance Livestock genetics and boost agricultural productivity.
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As a result, a recent Trade Mission between the two countries focused on fostering economic and agricultural cooperation. This initiative has already attracted a $2.5 billion investment from Brazilian stakeholders into Nigeria’s livestock sector. Key areas of collaboration include livestock health management, breeding and genetics improvement, feed and nutrition, and expanding market access. These engagements reflect President Tinubu’s commitment to strengthening international partnerships across multiple sectors. Therefore, this new relationship is expected to bring development to the national Economy of both nations.