Turkey aims to lift trade volume with Nigeria to $5 billion

By Camillus Eboh

ABUJA, Jan 28 (Reuters) – Turkey aims to lift its trade volume with Nigeria to $5 billion from about $2 billion, President Tayyip Erdogan said on Tuesday following a meeting with visiting Nigerian President Bola Tinubu.

Turkey exports aircraft, helicopters, machinery, iron and steel, and chemical products to Nigeria, while Nigeria supplies crude oil and agricultural commodities to Turkey.

The two countries signed agreements covering defence cooperation, infrastructure development, trade and investment, as well as joint efforts to tackle insurgency in Africa’s Sahel region.

Erdogan did not give a timeline for reaching the new trade target but said talks had begun.

“We see 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,” he said.

Tinubu has been promoting foreign investment to spur growth in Africa’s largest economy following reforms introduced shortly after he took office in 2023.

Tinubu said “trade, business, no restrictions, giving opportunities to those who are ready to learn, work and prosper” is critical to his growth ambition. “How do we build an inclusive economy together? How do we involve vulnerable people? How do we ensure peace in the world?” the Nigerian leader asked.

Erdogan said Turkey would support Nigeria’s fight against insurgency, drawing on its own experience combating militant groups.

“Terrorist organisations emerging particularly in Africa’s Sahel region pose a threat to the peace of the entire continent,” he said. “We discussed opportunities for closer cooperation in military training and intelligence, and we are ready to share our country’s significant experience.”

Nigerian officials are expected to hold meetings with leading Turkish defence industry companies during the visit, Erdogan added.

(Writing by Chijioke Ohuocha; Editing by Chizu Nomiyama )