President Recep Tayyip Erdogan has disclosed that Türkiye is targeting a $5 billion trade volume with Nigeria, signalling a major expansion of economic ties between the two countries as discussions to actualise the goal have already begun.
Erdogan made this known on Tuesday in Ankara during a joint press briefing with President Bola Ahmed Tinubu at the end of the Nigerian leader’s State Visit to the Republic of Türkiye.
He said current trade volume between both nations stands at about $2 billion, with Türkiye exporting aircraft, helicopters, machinery, iron and steel, and chemical products to Nigeria, while Nigeria exports crude oil and agricultural produce to the Turkish market.
According to Erdogan, the establishment of a Joint Economy and Trade Committee would be pivotal to unlocking the full trade potential between the two countries and expanding Turkish investments in Nigeria to meet the $5 billion target.
The Turkish leader praised President Tinubu’s commitment to national development, noting that the size and calibre of Nigeria’s delegation, including several ministers and senior officials, underscored the political will to deepen bilateral relations.
“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.
“We see significant potential in trade and investment, and we discussed the steps required to achieve our $5 billion trade volume target,” he added.
He also commended Nigeria’s recent strides in the energy sector, describing the reforms as critical to the restructuring of the country’s economy.
Erdogan expressed optimism that cooperation between Turkish Petroleum Corporation and Nigerian partners would deliver tangible results.
On security, the Turkish President pledged Türkiye’s support to Nigeria in tackling insurgency, drawing from his country’s experience in combating terrorism.
He warned that terrorist groups, particularly in Africa’s Sahel region, pose a threat to continental peace and stability.
“We stand by the friendly people of Nigeria in their fight against terrorism under the leadership of President Tinubu,” Erdogan said, adding that both countries had discussed closer cooperation in military training and intelligence sharing.
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He also expressed confidence that engagements between Nigerian officials and leading Turkish defence companies during the visit would yield positive outcomes.
In his remarks, President Tinubu thanked Türkiye for its openness and willingness to collaborate in promoting global freedom, stability and shared prosperity. He stressed the importance of inclusive economic growth that creates opportunities for vulnerable groups.
Tinubu said Nigeria remained committed to playing a leading role in promoting peace and stability in Africa, despite security challenges in some regions. He also praised Erdogan’s efforts in advancing peace, particularly in Somalia.
At the conclusion of the bilateral talks, officials from both countries signed nine agreements covering areas such as defence cooperation, diaspora policy, media and communication, education, higher education, halal quality infrastructure, and social services.
A Joint Declaration establishing the Economy and Trade Joint Committee was also endorsed.
The agreements, according to both leaders, are expected to provide a strong institutional framework for deepening cooperation and accelerating trade, investment and strategic partnerships between Nigeria and Türkiye.
