President Tinubu Concludes State Visit to Turkey with Major Economic Agreements
President Bola Ahmed Tinubu has returned to Abuja following a significant state visit to the Republic of Türkiye, marking a pivotal moment in Nigeria's international economic diplomacy. The President arrived in the Nigerian capital on Saturday night at approximately 8:55 p.m. local time, concluding a trip that began on January 26 when he departed with a delegation of ministers and other key government officials.
Securing a $5 Billion Trade Commitment
During the high-level visit, President Tinubu successfully secured a firm commitment from Turkish President Recep Tayyip Erdoğan to substantially increase the bilateral trade volume between both nations to an ambitious target of $5 billion. President Tinubu confirmed that discussions to actualise this economic goal have already commenced, setting the stage for enhanced cooperation.
President Erdoğan made this pledge during a joint press briefing with President Tinubu, which was a central part of the Nigerian leader's state visit agenda. Currently, the trade volume between Nigeria and Türkiye stands at approximately $2 billion, highlighting the significant potential for growth outlined in the new agreement.
Current Trade Dynamics and Future Expansion
The existing trade relationship sees Türkiye exporting a range of products to Nigeria, including planes, helicopters, machinery, iron and steel, and various chemical products. In return, Nigeria primarily exports crude oil and agricultural products to Türkiye, forming a complementary economic exchange.
President Erdoğan emphasized that the establishment of a Joint Economy and Trade Committee will be instrumental in creating new opportunities to expand Turkish investments within Nigeria. This strategic committee is expected to play a crucial role in achieving the $5 billion trade target by facilitating smoother economic interactions and identifying key sectors for collaboration.
Nine Key Agreements Signed
At the conclusion of the bilateral engagements, President Tinubu and his delegation signed nine comprehensive agreements designed to strengthen various aspects of Nigeria-Turkey relations. These agreements cover:
- Diaspora Policy
- Defence Cooperation
- A Joint Declaration Establishing the Economy and Trade Joint Committee
- Halal Quality Infrastructure
- Cooperation in Higher Education
- Media and Communication
- Education
- Cooperation between the Republic of Türkiye's Ministry of Foreign Affairs, Diplomacy Academy and Nigeria's Ministry of Foreign Affairs and Foreign Affairs Academy
- Cooperation between Türkiye's Ministry of Social Services and Nigeria's Ministry of Women Affairs and Social Development
These agreements represent a multifaceted approach to deepening ties between the two nations, extending beyond mere economic metrics to include cultural, educational, and social dimensions. The visit underscores President Tinubu's active foreign policy agenda aimed at bolstering Nigeria's global economic partnerships and attracting international investment.
