Nigeria, Türkiye Deepen Economic Ties as Trade Target Set at $5bn

By Iyojo Ameh

Nigeria and the Republic of Türkiye have agreed to scale up bilateral trade relations, with both countries setting a $5 billion trade volume target as part of renewed economic and strategic cooperation.

The commitment was announced on Tuesday in Ankara by Turkish President Recep Tayyip Erdoğan during a joint media briefing with President Bola Ahmed Tinubu, who is on an official State Visit to Türkiye.

Erdoğan disclosed that current trade between the two countries stands at about $2 billion, noting that Türkiye exports aircraft, helicopters, machinery, iron and steel products, as well as chemicals to Nigeria, while Nigeria supplies crude oil and agricultural produce to the Turkish market.

He said the decision to establish a Joint Economy and Trade Committee would provide a structured platform to expand trade flows and encourage increased Turkish investments in Nigeria.

“We reviewed our bilateral relations comprehensively, covering trade, investment, energy, education and the defence industry,” Erdoğan said, adding that both leaders reaffirmed their commitment to reaching the $5 billion trade goal.

The Turkish President praised President Tinubu’s reform efforts, particularly in the energy sector, describing them as critical to Nigeria’s ongoing economic restructuring. He expressed confidence that cooperation between the Turkish Petroleum Corporation and Nigerian institutions would yield tangible results.

On regional security, Erdoğan pledged Türkiye’s support for Nigeria’s counterterrorism efforts, especially as insurgent activities continue to threaten stability across parts of the Sahel region.

He said both leaders discussed enhanced collaboration in military training, intelligence sharing, and defence technology, noting that Nigerian officials would engage Turkish defence firms during the visit.

In his response, President Tinubu thanked Türkiye for its openness and willingness to work with Nigeria in advancing global peace, economic development, and shared prosperity.
He stressed the importance of building an inclusive economy that removes barriers to trade and empowers vulnerable populations.

“Our discussions focused on how to expand trade, reform our economies, and ensure peace and stability, both within Africa and globally,” Tinubu said.

The Nigerian leader reaffirmed Nigeria’s commitment to regional peace and security, stating that despite internal security challenges, the country would continue to play a leading role in stabilisation efforts across Africa.

Tinubu also commended Erdoğan’s role in promoting peace beyond Türkiye’s borders, particularly in Somalia.

At the close of the bilateral talks, officials from both countries signed nine cooperation agreements, covering areas such as defence, diaspora engagement, education, media and communication, diplomacy training, halal quality infrastructure, and social development.

The agreements also formally established the Nigeria–Türkiye Joint Economy and Trade Committee, which both leaders said would drive the implementation of the new trade and investment agenda.