NewsNigeriaPoliticsTürkiye Targets $5bn Trade Volume With Nigeria

President Recep Tayyip Erdogan of the Republic of Türkiye has said his country is targeting a $5 billion trade volume with Nigeria, as both nations move to deepen economic, security and diplomatic cooperation.

President Erdogan disclosed this on Tuesday in Ankara during a joint press briefing with President Bola Ahmed Tinubu, who is on a State Visit to Türkiye, according to a statement by presidential aide Bayo Onanuga.

President Erdogan noted that discussions aimed at achieving the trade target have already begun.

At present, trade between both countries stands at about $2 billion. Türkiye currently exports planes, helicopters, machinery, iron and steel, and chemical products to Nigeria, while Nigeria exports crude oil and agricultural products to Türkiye.

President Erdogan said the decision to establish a Joint Economy and Trade Committee would help expand Turkish investments in Nigeria and fast-track the $5 billion trade goal.

“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,” Erdogan said.

“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.”

The Turkish leader praised President Tinubu’s commitment to Nigeria’s development, describing the presence of several Nigerian ministers and top officials at the meeting as a clear sign of political determination.

He also commended Nigeria’s reforms in the energy sector, noting that they have contributed to the restructuring of the country’s economy. Erdogan expressed optimism that cooperation between the Turkish Petroleum Corporation and Nigerian partners would deliver positive results.

On security, President Erdogan pledged Türkiye’s support for Nigeria in tackling insurgency, citing his country’s experience in combating terrorism.

“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,” he said.

“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.”

In his response, President Tinubu thanked the Turkish government for its willingness to collaborate with Nigeria in promoting global freedom, stability and prosperity. He stressed the need to build an inclusive economy that supports vulnerable groups.

He described President Erdogan as being “willing to collaborate, willing to help, willing to work together to promote freedom, stability and prosperity, 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?” Tinubu asked.

The Nigerian President also reaffirmed Nigeria’s commitment to promoting peace and stability across Africa, despite ongoing security challenges at home.

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

Tinubu further praised Erdogan’s role in promoting global peace, particularly his efforts in Somalia.

At the end of the bilateral talks, officials from both countries signed nine agreements, covering diaspora policy, defence cooperation, education, media and communication, halal quality infrastructure, and the establishment of the Joint Economy and Trade Committee, among others.