President Recep Tayyip Erdogan of the Republic of Türkiye has announced a bold trade target of $5 billion between Türkiye and Nigeria, signalling a significant expansion of economic relations between both countries.
Erdogan disclosed this on Tuesday during a joint press briefing with President Bola Ahmed Tinubu in Ankara, as part of the Nigerian leader’s state visit to Türkiye.
Current trade volume between the two nations stands at about $2 billion, with Türkiye exporting aircraft, helicopters, machinery, iron and steel products, and chemicals to Nigeria, while Nigeria exports crude oil and agricultural products to Türkiye.
The Turkish President said discussions were already underway to bridge the gap and achieve the new trade target, adding that the newly established Joint Economy and Trade Committee would play a central role in driving investments and commercial cooperation.
“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 trade and investment. Our commitment today is to the $5 billion trade volume target, and we discussed the steps needed to achieve it.
“We believe that the Joint Economy and Trade Committee we agreed to establish will be instrumental in expanding Turkish investments in Nigeria,” he added.
Erdogan praised President Tinubu’s economic reforms, particularly in the energy sector, noting that they were already contributing to Nigeria’s economic restructuring.
He expressed optimism that cooperation between the Turkish Petroleum Corporation and Nigerian partners would yield tangible results.
On security, the Turkish leader pledged Türkiye’s support to Nigeria in combating insurgency and terrorism, drawing from his country’s experience in addressing similar challenges.
“We stand by the friendly people of Nigeria in their fight against terrorism. Today, we discussed opportunities for closer cooperation in military training and intelligence sharing,” Erdogan said.
President Tinubu, in his remarks, thanked Türkiye for its openness and willingness to collaborate in advancing global peace, stability and shared prosperity.
He emphasised the importance of inclusive economic growth, particularly for vulnerable populations.
“What is very important is trade without restrictions, giving opportunities to those who are ready to work, learn and prosper. How do we build an inclusive economy together?” Tinubu asked.
The President of Nigeria reaffirmed Nigeria’s commitment to promoting peace and stability in Africa despite internal security challenges, adding that discussions also focused on defeating agents of destabilisation.
Tinubu also commended Erdogan’s efforts toward peace-building, particularly his role in Somalia.
At the end of the bilateral engagement, officials from both countries signed nine agreements, covering diaspora policy, defence cooperation, trade and investment, halal quality infrastructure, education, media and communication, diplomacy training, and social development.
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