Nigeria-Türkiye trade expected to top $10B after new agreements: Business council chair

By Busra Nur Cakmak

ANKARA (AA) – Trade and investment ties between Nigeria and Türkiye are poised for major growth following the signing of multiple agreements during Nigerian President Bola Ahmed Tinubu’s recent visit to Türkiye, according to Dele Oye, chairman of the Nigeria-Türkiye Business Council.

In remarks to Anadolu, Oye said more than nine agreements were signed across sectors such as higher education, defense, trade, diaspora coordination, halal products and other strategic areas, moves he said would significantly strengthen bilateral economic ties.

He noted that the new agreements are expected to expand the scope and ease of operations for Turkish companies seeking to invest and do business in Nigeria.

- ‘Nigeria offers a huge market and a gateway to Africa’

Oye highlighted Nigeria’s position as one of Africa’s largest consumer markets, with a population exceeding 230 million, calling it a major opportunity for Turkish businesses.

He also pointed to Nigeria’s membership in the African Continental Free Trade Area (AfCFTA), which “provides access to a preferential trade market of 1.3 billion people across the continent.”

“So, it's a huge opportunity for Turkish businesses to establish businesses in Nigeria and use Nigeria as a gateway to enter the African markets,” Oye said.

The chairman also said that China has entered into preferential trade arrangements with 53 African countries in 2025 and Turkish businesses operating in Nigeria could potentially trade with China through Nigeria.

“So, there are huge opportunities, and that is why we are here as the Nigeria-Türkiye Business Council: to provide support, ensure ease of doing business, and also to reduce the time it takes for businesses to establish themselves in Nigeria,” he said.

- ‘Türkiye has been a backbone in our security cooperation’

Oye thanked Türkiye for the support provided to Nigeria in addressing its security challenges.

He said that Nigeria’s defense minister and several service chiefs were part of the president’s visit, reflecting the level of cooperation in the security sector.

“Currently, Türkiye supplies aircraft, helicopters, and several major manufactured goods to Nigeria. We came here to build on that cooperation so that we can expand trade further,” he said.

Oye added that both countries have established a high-level Joint Committee on Economy and Trade aimed at reducing investment risks and improving market access for Turkish businesses in Nigeria.

- ‘There is no home in Nigeria that does not have a Turkish product’

Oye further said annual bilateral trade currently stands at about $2 billion but is expected to surpass $10 billion by 2026 as a result of the newly signed agreements.

Describing prospects as “positive, positive, positive,” he urged Turkish companies to invest in Nigeria, stressing that “there is no home in Nigeria that does not have a Turkish product.”

He noted that Nigeria’s ongoing economic reforms are beginning to yield results, with trade surpluses recorded over the past two years and an end to persistent trade deficits.

Oye stressed that Nigeria is committed to ensuring its key partners benefit from these reforms, with the Nigeria-Türkiye Business Council playing a central role in helping investors navigate regulatory and market challenges.

“That is the role of the Nigeria-Türkiye Business Council: to support investors. Today, we will also be holding a business summit to further concretize what has been agreed between our two presidents,” he said.

Highlighting the broader relationship, Oye said ties between Nigeria and Türkiye are strong politically, economically and culturally.

“Nigeria and Türkiye are now at a very high level of trade, friendship, and even cultural exchange. We are very happy about this,” he said, adding: “It represents a huge opportunity for Turkish businesses to take advantage of the red carpet that will be laid by both presidents to facilitate trade between the two countries.”

He also pointed to the absence of a colonial past between the two nations, saying this has helped foster closer relations.

“There is no history of colonialism between Türkiye and Nigeria,” he said, adding “that in itself, promotes friendship and natural affinity.”

“For us in Nigeria, Türkiye can be considered a second home. Likewise, Nigeria can be a second home for Turkish businesses. We want to assure you that our job is to help you navigate the processes and make it easier for you to do business,” he said.

Oye concluded by urging Turkish firms to capitalize on Nigeria’s large population, access to African markets and emerging links to China by expanding their presence in the country.