A group of Turkish and Nigerian businesspeople gathered at an annual event in Nigeria’s capital on Tuesday.
The event, organized by the Nigeria Turkey Business Council (NTBC) and hosted by the Turkish Embassy in Abuja, aimed to contribute to the improvement of bilateral trade ties and cooperation between Turkey and Nigeria and pave the way for setting up new partnerships.
The NTBC was established in 2012 as the Nigerian counterpart of the Turkey-Nigeria Business Council of the Foreign Economic Relations Board of Turkey (DEIK).
Speaking to Anadolu, NTBC Chairman Dele Kelvin Oye said the event brought together numerous people including officials from regulators such as Nigeria’s National Agency for Food and Drug Administration and Control (NAFDAC) and the Foreign Affairs Ministry as well as businesspeople and investors.
The NTBC is determined to achieve the $5 billion bilateral trade volume target that was announced during Turkish President Recep Tayyip Erdogan’s visit to Nigeria in 2021, he stressed.
“Our main goal is to make sure not only to beat the target of increasing the volume of trade, but to surpass the target,” he added.
The trade volume between Turkey and Nigeria hit $2.78 billion in 2022, more than double its level in 2018, according to data compiled by Anadolu.
Oye said the trade volume fell short of its potential, adding “it can be better because Turkey has a lot to offer Nigeria, and Nigeria has a lot to offer Turkey.”
Turkey’s main exports to Nigeria consist of building and construction materials, electrical equipment and furniture, while it mostly purchases oil and natural gas from Nigeria, followed by agricultural products such as sesame and cocoa seeds.