Nigeria, Turkey Seal New Trade Push, Target $5bn

President Recep Tayyip Erdogan of the Republic of Turkiye, on Tuesday in Ankara, reaffirmed his country’s commitment to a $5 billion trade volume target with Nigeria.

He said discussions on the deal have already commenced.

According to a statement by Presidential spokesman, Bayo Onanuga, President Erdogan stated this during a joint press briefing with President Bola Tinubu during the State Visit of the Nigerian President to Turkiye.

He said the establishment of the Joint Economy and Trade Committee between the two countries would create opportunities for expansion and support Turkish investments in Nigeria to meet the target.

President Erdogan praised the commitment, will and determination of President Tinubu in attracting investment to the country, describing the presence of several ministers and high-ranking officials as the clearest indication of this determination.

He said: “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.

“Firstly, we see that we have significant potential in the fields of trade and investment. In today’s meetings, our commitment is to the $5 billion trade volume target, and we discussed the steps needed.

“We also discussed opportunities to support our investments in Nigeria. We believe that the Joint Economy and Trade Committee, which we agreed to establish today, will be instrumental in this regard.”

President Erdogan hailed the Nigerian President’s strides in the energy sector, which has resulted in the restructuring of the country’s economy.

He hoped that the cooperation between the Turkish Petroleum Corporation and their Nigerian counterparts, as well as other organisations, would bring the expected outcomes.

On the issue of terrorism in Nigeria and within the Sahel Region, President Erdogan promised to assist, given its history in tackling insurgency.

“Terrorist organisations emerging, particularly in Africa’s Sahel region, unfortunately, pose a threat to the peace of the entire continent. We stand by the friendly people of Nigeria in their fight against terrorism under the leadership of President Tinubu.

“In fact, today, we addressed opportunities for closer cooperation in the fields of military training and intelligence. We stated that we are ready to share our country’s significant experience in combating terrorism.

“Also, I believe that we will soon see positive outcomes from the meetings that Nigerian officials will hold with our leading defence industry companies during this visit,” he said.

In his remarks, President Tinubu expressed gratitude to the Republic of Turkiye for its openness and willingness to collaborate in promoting freedom, stability, and prosperity globally.

He emphasised the importance of creating an inclusive economy, particularly for vulnerable people.

President Tinubu commended the Turkish leader for being “willing to collaborate, willing to help, willing to work together to promote freedom, stability and shared prosperity across the world.

“What is very important to the countries being discussed, trade, business, no restrictions, giving opportunity to those who are ready to learn to work and prosper. How do we build an inclusive economy together? How do we reform the economy and involve vulnerable people? How do we ensure peace in the world?” he asked.

President Tinubu stressed that Nigeria would continue to play a major role in promoting peace and stability in Africa despite the instability across the country.

“We discussed efforts against terrorism. We discussed how to defeat agents of destabilisation.”

President Tinubu also praised President Erdogan for his commitment towards promoting global peace, particularly the efforts in Somalia.

At the end of the bilateral meeting between the officials of the two countries, nine agreements were exchanged.

They were: Agreement on Cooperation in the Field of Diaspora Policy, Agreement on Defence Cooperation, Joint Declaration Establishing the Economy and Trade Joint Committee, and Agreement in the Field of Halal Quality Infrastructure.

Others included Cooperation in the Field of Higher Education, Cooperation in the Field of Media and Communication, Cooperation in the Field of Education, Cooperation Between the Republic of Türkiye, Ministry of Foreign Affairs, Diplomacy Academy, and the Federal Republic of Nigeria, Ministry of Foreign Affairs and Foreign Affairs Academy; and Cooperation Between the Republic of Turkiye, Ministry of Social Services and the Federal Republic of Nigeria, Ministry of women Affairs and Social Development.