Nigeria, Türkiye trade projected to hit $10bn with huge opportunities after new deals −NTBC Chair

*Dele Kelvin Oye, Esq., Chairman of the Nigeria-Türkiye Business Council, who disclosed this development, discloses the trade between the two countries is expected to hit $10 billion after flurry of new deals, unlocking extensive opportunities across defence, education and manufacturing in 2026, says report

Gbenga Kayode | ConsumerConnect

The leadership of the Nigeria-Türkiye Business Council (NTBC) has said the annual bilateral trade between Nigeria and Türkiye, which currently stands at around $2 billion, actually aims for $10 billion target by the end of 2026.

ConsumerConnect learnt Dele Kelvin Oye, Esq., Chairman of the Nigeria-Türkiye Business Council, who disclosed this development, said trade between the two economies is expected to hit $10 billion after flurry of new bilateral deals this year.

Dele Kelvin Oye, Esq., Chairman of the Nigeria-Türkiye Business Council

Business leaders equally said Nigerian President Bola Ahmed Tinubu’s recent state visit to Türkiye would unlock sweeping opportunities across defence, education and manufacturing, Anadolu report said.

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Trade and investment ties between Nigeria and Türkiye are poised for rapid expansion following the signing of over nine bilateral agreements during President Tinubu’s recent visit to Türkiye, according to Oye.

Areas of latest bilateral agreements between Nigeria, Türkiye

The Chairman of NTBC also revealed the recent bilateral agreements span higher education, defence, trade, diaspora coordination, halal products and other strategic sectors, and are expected to significantly ease market entry and operations for Turkish companies in Nigeria.

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He noted: “These agreements will expand the scope and ease of operations for Turkish businesses that want to invest and do business in Nigeria.”

Nigeria, Africa’s most populous country with estimated 230 million people, offers a vast consumer base and a strategic platform for accessing the continent, stated he.

Oye averred: “Nigeria offers a huge market and a gateway to Africa.”

He as well observed the West African country’s membership in the African Continental Free Trade Area (AfCFTA), which provides access to a preferential market of 1.3 billion people.

‘Nigeria remains gateway to enter African markets’

Oye further highlighted China’s preferential trade arrangements with 53 African countries in 2025, saying Turkish firms operating in Nigeria could leverage the country as a bridge for trade with China.

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

According to him, security cooperation remains another pillar of the relationship. Oye thanked Türkiye for its support in addressing Nigeria’s security challenges.

Nigeria’s Minister for Defence and Security Service Chiefs were part of the presidential delegation to Türkiye.

The Chairman said: “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.”

Oye said both countries have also set up a high-level Joint Committee on Economy and Trade aimed at reducing investment risks and improving market access.

“There is no home in Nigeria that does not have a Turkish product,” Oye said, describing prospects for deeper economic ties as “positive, positive, positive.”

Besides, he noted Nigeria’s ongoing economic reforms are beginning to show results, with trade surpluses recorded over the past two years and an end to chronic trade deficits.

Aside from economics, Oye said relations between Nigeria and Türkiye are strong politically, culturally and diplomatically, helped by the absence of a colonial past between the two countries.

“For us in Nigeria, Türkiye can be considered a second home. Likewise, Nigeria can be a second home for Turkish businesses,” Oye stated.

The Chairman of NTBC, therefore, urged companies to take advantage of what he described as a “red carpet” approach by both countries.

We’ve significant potential in trade and investments, says President Erdogan

Earlier, President Recep Tayyip Erdogan of the Republic of Türkiye January 27, in Ankara, the capital, said his country would be targeting a $5 billion trade volume with Nigeria.

President Erdogan, who noted the new deal during a joint media briefing with President Tinubu during the Nigerian President’s state visit to the European country, said that discussions to actualise this objective had already commenced.

As affirmed by Oye, Chairman of NTBC, President Erdogan also noted the trade volume between the two economies at present is about $2 billion.

Mr. Bayo Onanuga, Special Adviser to the Nigerian President on Information and Strategy, in a statement last Tuesday noted that Turkey exports planes, helicopters, machinery, iron and steel, and chemical products to Nigeria.

The West African country also exports crude oil and agricultural products to Türkiye. President Erdogan said the establishment of the Joint Economy and Trade Committee between the two countries would create opportunities to expand Turkish investments in Nigeria to realise the new target.

The Nigerian Government further disclosed President Erdogan commended the commitment of President Tinubu to develop Nigeria, and highlighted the presence of several Ministers and high-ranking officials as the most unambiguous indication of this political determination.

He stated: “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.

“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.”

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