Oye Urges Turkish Investors To Tap Nigeria’s $255bn Market

Chairman of the Nigeria–Türkiye Business Council (NTBC), Dele Kelvin Oye, has called on Turkish investors to take advantage of Nigeria’s estimated $255 billion market size to expand their industrial and business operations.

Oye made the call at the Türkiye–Nigeria Business Council Business Summit held at the Marriott Hotel in Ankara, on the sidelines of President Bola Ahmed Tinubu’s state visit to Türkiye. The summit was aimed at strengthening bilateral economic relations and exploring new areas of cooperation between both countries.

He said Nigeria remains one of Africa’s most strategic investment destinations, with an estimated gross domestic product of about $200 billion and a stock market capitalisation of approximately $54 billion, providing a solid base for long-term capital formation and industrial growth. He added that investors who position early could benefit from Nigeria’s projected $1 trillion economy.

According to Oye, Nigeria’s large and youthful population, projected to become the world’s third-largest by 2050, offers strong demand prospects across sectors such as manufacturing, consumer goods, energy, housing, and services. He noted that the African Continental Free Trade Area (AfCFTA) further enhances Nigeria’s attractiveness by providing duty-free access to markets across the continent.

The NTBC chairman said the relationship between Nigeria and Türkiye has evolved into a multi-sector partnership supported by several bilateral agreements and memoranda of understanding signed during President Tinubu’s visit. These agreements, he said, provide a stronger legal and institutional framework for Turkish businesses operating in Nigeria and are expected to boost trade volumes.

Oye also highlighted Nigeria’s ongoing macroeconomic reforms, including the unification of the foreign exchange market and the removal of fuel subsidies, noting that while the measures initially caused short-term volatility, they are laying the foundation for a more transparent and predictable business environment.

He pointed to government investments in infrastructure such as the Lekki Deep Sea Port and Special Economic Zones, which offer incentives including tax holidays and streamlined customs processes, as well as improvements in energy and rail networks aimed at reducing the cost of doing business.

Oye said the NTBC plays a key role in facilitating business-to-business engagements, policy advocacy, market-entry support, and dispute resolution for Turkish investors, helping translate diplomatic relations into concrete commercial outcomes.

He added that Nigeria’s leadership role in AfCFTA positions it as a natural gateway to West Africa, enabling firms with a manufacturing base in the country to export duty-free to a market of over 1.3 billion people.

Oye concluded that the combination of economic reforms, demographic growth and strengthened Nigeria–Türkiye relations presents significant opportunities for sustained Turkish investment in Nigeria, particularly in manufacturing, construction, energy and other non-oil sectors.