Turkey Targets $5 Billion Trade Goal with Nigeria, Aims for 500% Increase

Turkey has unveiled ambitious plans to increase its trade volume with Nigeria from the current $1 billion to $5 billion, representing a 500% surge. The initiative is part of a broader strategy to deepen economic ties between the two countries and reflects a growing interest in Africa by Turkish businesses and policymakers.

Turkish Deputy Ambassador to Nigeria, Elif Durdu, emphasized that the current level of trade does not reflect the full potential of Nigeria-Turkey relations. Highlighting the strategic importance of both countries in their respective regions, she stressed the need to expand bilateral engagements and investments to unlock economic opportunities.

As part of this effort, Turkey is actively pursuing policies to attract more Turkish investments into Nigeria. These efforts are in line with Turkiye’s broader Africa Partnership Policy, which has helped push its total trade volume with the African continent to around $40 billion as of 2024, with Nigeria playing a critical role.

Numerous Turkish companies are already operating in Nigeria with substantial investments. These include Hayat Kimya, which has invested $200 million in hygiene products; Ülker, with $50 million in biscuit and chocolate production; and Direkçi, which has committed $22 million to agricultural ventures across multiple Nigerian states.

Durdu also revealed that Turkish firms are eyeing large infrastructure and energy projects in Nigeria, with completed Turkish construction projects in the country valued at $2.8 billion. This robust economic involvement underscores Turkiye’s commitment to enhancing its footprint in Nigeria’s development and trade landscape.

Source: Arise