Nigeria and Türkiye Elevate Partnership with $5 Billion Trade Target and Nine Key Agreements
In a significant diplomatic move, Nigeria and Türkiye have committed to substantially boosting their economic and strategic ties by targeting a bilateral trade volume of $5 billion annually. This ambitious goal was announced during President Bola Ahmed Tinubu's state visit to Ankara, where he held extensive talks with Turkish President Recep Tayyip Erdogan.
Expanding Economic Horizons Beyond Current $2 Billion Trade
Currently, trade between Nigeria and Türkiye stands at approximately $2 billion, with Türkiye exporting aircraft, helicopters, machinery, iron and steel, and chemical products to Nigeria. In return, Nigeria exports crude oil and agricultural products to Türkiye. Both leaders expressed confidence that through enhanced cooperation and new frameworks, this figure could more than double to reach the $5 billion target.
President Erdogan emphasized the establishment of a Joint Economy and Trade Committee as a crucial mechanism to facilitate this expansion. This committee will actively work to attract and increase Turkish investments in Nigeria, particularly focusing on manufacturing, energy, and industrial sectors. Bayo Onanuga, Special Adviser to President Tinubu on Information and Strategy, noted that both countries plan to leverage this committee to strengthen economic collaboration.
Nine Comprehensive Agreements Signed Across Multiple Sectors
The bilateral meeting culminated in the signing of nine agreements that span various critical areas of cooperation. These agreements demonstrate the comprehensive nature of the renewed partnership between the two nations.
- Agreement on Cooperation in the Field of Diaspora Policy
- Agreement on Defence Cooperation
- Joint Declaration Establishing the Economy and Trade Joint Committee
- Agreement in the Field of Halal Quality Infrastructure
- Cooperation in the Field of Higher Education
- Cooperation in the Field of Media and Communication
- Cooperation in the Field of Education
- Cooperation between the Foreign Ministries and Diplomacy Academies of both countries
- Cooperation between Türkiye's Ministry of Social Services and Nigeria's Ministry of Women Affairs and Social Development
Enhanced Security Cooperation Against Terrorism
A significant aspect of the discussions focused on security collaboration, with President Erdogan pledging Türkiye's support for Nigeria's fight against terrorism. He specifically mentioned the threat posed by terrorist organizations in Africa's Sahel region and expressed readiness to share Türkiye's experience in counter-terrorism efforts.
"We stand by the friendly people of Nigeria in their fight against terrorism. We are ready to share our experience in combating terrorism," President Erdogan stated during the joint press briefing. The security cooperation will encompass military training, intelligence sharing, and joint counter-terrorism initiatives, with Nigerian officials scheduled to meet with leading Turkish defence industry companies during the visit.
Energy Sector Collaboration and Reform Recognition
The two leaders also discussed potential collaboration between the Turkish Petroleum Corporation and its Nigerian counterparts to accelerate developments in Nigeria's energy and petroleum sector. President Erdogan commended President Tinubu's economic reforms, particularly in the energy sector, describing them as critical to Nigeria's financial restructuring and overall economic transformation.
President Tinubu emphasized Nigeria's commitment to building an inclusive economy that supports vulnerable groups and promotes shared prosperity. "What is very important is trade and business without restrictions," Tinubu remarked, highlighting the need for economic reforms that involve vulnerable populations and ensure regional peace.
Commitment to Regional Stability and Global Partnership
Both leaders reaffirmed their commitment to promoting peace and stability in Africa despite ongoing security challenges. President Tinubu praised President Erdogan's role in peace promotion, particularly in Somalia, while emphasizing Nigeria's continued role in African stability.
In a separate statement following the meetings, President Tinubu declared Nigeria's openness to serious global partnerships that create value and shared prosperity. "Nigeria remains open for serious partnership. Open to trade without barriers. Open to ideas, skills, and investment that create value and shared prosperity," he asserted, indicating Nigeria's confident engagement with the international community.
The strengthened Nigeria-Türkiye partnership represents a strategic alignment that promises to deliver substantial economic benefits while addressing shared security concerns through comprehensive cooperation across multiple sectors.
