The Nigeria Türkiye Business Council (NTBC) and the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) have recently resolved to collaborate to fortify both countries’ bilateral relations. Attendees at the Independent Industrialists and Businessmen Association of Nigeria’s inauguration, which was held at the Turkish Embassy in Abuja, made commitments to increase their investments in the Economy and Security of both nations. A statement released by Dr. Ifeanyi Onukwubiri, CEO of TMT Travels and Tours Limited, revealed that the parties recognized that investing in the economy through tourism, agriculture, security, and Education is the best course of action for both nation
Remarkable relations between Nigeria and Turkey go back a long way, as evidenced by the 1962 inauguration of the Turkish Embassy in that nation. Over the past few years, the two nations’ bilateral ties—which cut across political, economic, and cultural spheres—have grown stronger.
Expanding their connection is beneficial to both countries, as Nigeria, one of Africa’s biggest economies, seeks partners for Infrastructure development, trade, and Investment while Turkey aspires to increase its influence in the African continent.
Trade value of both nations was estimated at $2b as of 2021.
Political collaboration has been bolstered by high-level visits between leaders from both nations, including visits by the president. For instance, Turkish President Recep Tayyip Erdoğan has made several visits to Nigeria, the most recent one taking place in October 2021. Agreements pertaining to hydrocarbons, mining, energy, and defense were signed during this visit. Nigeria is viewed by Turkey as an important player in West Africa and a point of entry for further interactions with the African continent. Turkey’s interest in funding Nigeria’s development initiatives, particularly those related to infrastructure, health, and education, has been warmly received by the country’s administration.
Both countries’ Trade volume has been increasing gradually as both nations look to deepen their economic relations, with total trade value estimated to worth $2 billion as of 2021. The Observatory of Economic Complexity (OEC) reports that Turkey exported to Nigeria worth $841 million in 2022. Top exports to Nigeria were electrical transformers ($50.3M), iron structures ($54.8M), and gypsum ($56M). Turkey’s exports to Nigeria rose at a yearly rate of 16.7%, from $389 million in 2017 to $841 million in 2022.
Turkey is present in Nigeria through development.
Primarily, Nigeria exports to Turkey include oil and agricultural products, while Nigeria imports industrial goods, textiles, electronics, and machinery from Turkey. Prominent Turkish enterprises are actively involved in Nigeria’s Real Estate and Construction industries, constructing highways, airports, and other vital infrastructure projects. One area of Nigeria-Turkey relations that is expanding is defense cooperation. Both nations inked agreements on military training, defense technologies, and the purchase of defense equipment during President Erdoğan’s visit in 2021. Nigeria could benefit from military weapons supplied by Turkey, which has a growing defense sector, in its fight against insurgencies like Boko Haram and other security threats.
This partnership was vital as Nigeria seeks partnership to help modernize its defense capabilities and equip its force. On the cultural front, the Turkish government works to build mutual understanding between the people of both countries by implementing a number of cultural diplomacy initiatives. Additionally, Turkey is present in Nigeria through development and humanitarian initiatives that enhance the standard of living for underprivileged populations in terms of health and education. Nigeria and Turkey have close relations, with both countries gaining from their collaboration in trade, defense, education, and humanitarian aid.
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While both nations have close bilateral relations, there are obstacles to navigate as well. The global economic recession, Nigerian security threats, and business-related regulatory obstacles in both nations may have an impact on the rate of increase in trade and investment. However, both nations are currently dedicated to strengthening their ties. There are numerous potential for additional interaction as both nations work to strengthen their bilateral relationship, which might eventually result in deeper political relationships and mutual economic progress. Emerging industries like tourism, technology, agribusiness, and Renewable Energy offer chances for cooperation.