Turkey and Nigeria target $5bn in bilateral trade

Turkey and Nigeria have set up a joint committee to more than double bilateral trade to $5 billion, President Tayyip Erdoğan has said.

The establishment of the joint economy and trade committee between the two countries will create opportunities to expand Turkish investments in Nigeria to realise the target, he said in a statement.

Nigerian President Bola Ahmed was on a two-day state visit to Turkey.

“We also discussed opportunities to support our investments in Nigeria,” Erdoğan said. “We believe that the joint committee will be instrumental in this regard.”

Trade volume between the two nations is nearly $2 billion. No timeline was given for reaching the new target.

Turkey exports planes, helicopters, machinery, iron and steel, and chemical products to Abuja. 

Nigeria exports crude oil and agricultural products to Ankara.

Further reading:

• UAE and Nigeria sign Cepa to ease trade barriers
• FAB backs $1bn funding for Nigerian coastal highway
• UAE issues visas for Nigerians after two-year hiatus

This month, the UAE and Nigeria signed a comprehensive economic partnership agreement to reduce tariffs and trade barriers, with the aim of boosting bilateral commerce and investment.

Nigeria is one of the largest and fastest-growing African economies. Non-oil trade between the two nations was $4.3 billion in 2024, a 55 percent year-on-year increase. 

Trade flows between Africa’s largest oil producer and the rest of the world was $96 billion in 2024, according to Bloomberg data, with China, India and the US as its three largest trade partners.