Nigeria and the Republic of Türkiye have set an ambitious target of growing bilateral trade to $5 billion, following high-level talks between President Bola Tinubu and his Turkish counterpart, Recep Tayyip Erdogan, in Ankara, the middle east nation’s capital.
Current trade volume between Nigeria and Türkiye stands at about $2 billion with Türkiye’s exports to Nigeria include aircraft, helicopters, machinery, iron and steel, and chemical products, while Nigeria exports crude oil and agricultural produce to Türkiye.
Erdogan disclosed the target on Tuesday during a joint press briefing with Tinubu, marking the Nigerian leader’s State Visit to Türkiye.
He said discussions to actualise the $5 billion trade volume had already begun, noting that both countries possess significant untapped potential.
According to him, the newly established Joint Economy and Trade Committee between the two nations will play a critical role in expanding trade ties and boosting Turkish investments in Nigeria.
“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.
“Firstly, we see that we have significant potential in the fields of trade and investment. In today’s meetings, our commitment is to the $5 billion trade volume target, and we discussed the steps needed.
“We also discussed opportunities to support our investments in Nigeria. We believe that the Joint Economy and Trade Committee, which we agreed to establish today, will be instrumental in this regard.”
Erdogan praised Tinubu’s commitment to Nigeria’s development, describing the presence of several Nigerian ministers and top government officials at the talks as clear evidence of strong political will.
He also commended reforms in Nigeria’s energy sector, which he said have contributed to the restructuring of the country’s economy, expressing optimism that cooperation between the Turkish Petroleum Corporation and Nigerian counterparts would deliver tangible results.
On security, the Turkish leader pledged Türkiye’s support for Nigeria in its fight against insurgency, drawing from his country’s experience in combating terrorism.
“Terrorist organisations emerging, particularly in Africa’s Sahel region, unfortunately, pose a threat to the peace of the entire continent. We stand by the friendly people of Nigeria in their fight against terrorism under the leadership of President Tinubu,” Erdogan said.
He added that discussions were held on closer cooperation in military training and intelligence sharing, noting that Turkish defence industry companies would engage further with Nigerian officials during the visit.
In his remarks, Tinubu expressed gratitude to Türkiye for its openness and readiness to collaborate in advancing global freedom, stability and shared prosperity.
He emphasised the need for inclusive economic growth, particularly one that creates opportunities for vulnerable groups.
“I commend President Erdogan for being willing to collaborate, willing to help, willing to work together to promote freedom, stability and prosperity across the world,” Tinubu said.
“What is very important is trade and business with no restrictions, giving opportunities to those who are ready to learn, work and prosper. How do we build an inclusive economy together? How do we reform the economy and involve vulnerable people? How do we ensure peace in the world?”
Tinubu reaffirmed Nigeria’s commitment to promoting peace and stability in Africa, despite ongoing security challenges in parts of the country.
“We discussed efforts against terrorism. We discussed how to defeat agents of destabilisation,” he said.
He also praised President Erdogan’s role in promoting global peace, particularly Türkiye’s engagement in Somalia.
At the conclusion of the bilateral meeting, officials from both countries signed nine agreements aimed at deepening cooperation. These include an Agreement on Cooperation in the Field of Diaspora Policy; an Agreement on Defence Cooperation; a Joint Declaration Establishing the Economy and Trade Joint Committee; and an Agreement on Halal Quality Infrastructure.
Other agreements covered higher education; media and communication; education; diplomatic training between both countries’ foreign service academies; and cooperation between Türkiye’s Ministry of Social Services and Nigeria’s Ministry of Women Affairs and Social Development.
The agreements are expected to further strengthen strategic ties between Nigeria and Türkiye across economic, security and social sectors.
