Economy: Türkiye targets $5bn trade volume, improved relations with Nigeria –President Erdogan

*Nigerian President Bola Ahmed Tinubu and President Recep Tayyip Erdogan of the Republic of Türkiye, after a bilateral meeting in Ankara, commit to a $5 billion trade volume with the former, as top officials from the two countries signed several bilateral agreements on Diaspora policy; defence cooperation; joint economy and trade joint committee, higher education; media and communication, as well as foreign affairs, among others

Gbenga Kayode | ConsumerConnect

President Recep Tayyip Erdogan of the Republic of Türkiye Tuesday, January 27, 2026, in Ankara, the capital, said his country is targeting a $5 billion trade volume with Nigeria.

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

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The trade volume between the two economies at present is about $2 billion.

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

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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.

Erdogan affirms commitment to $5 billion trade volume with Nigeria

Mr. Bayo Onanuga, Special Adviser to the Nigerian President on Information and Strategy, in a statement Tuesday, January 27, 2026, also noted 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.

Said he: “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.”

The Turkish President further stated: “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.”

The statement noted that he equally hailed the Nigerian President’s strides in the energy sector, which has resulted in the restructuring of the country’s economy.

Major areas of bilateral cooperation, by President Erdogan

President Erdogan averred that he hoped the renewed cooperation between the Turkish Petroleum Corporation, their Nigerian counterparts, and organisations would yield the expected outcomes.

President Erdogan as well pledged to assist Nigeria in tackling insurgency, given its history with a similar problem.

He said: “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 asserted: “In fact, today (Tuesday), we addressed opportunities for closer cooperation in the fields of military training and intelligence.

“We stated that we are ready to share our country’s significant experience in combating terrorism.”

The Turkish President noted: “Also, I believe that we will soon see positive outcomes from the meetings that Nigerian officials will hold with our leading defence industry companies during this visit.”

Tinubu speaks on significance of creating inclusive economy

In his remarks, Nigerian President Tinubu expressed gratitude to the Republic of Türkiye for its openness and willingness to collaborate in promoting global freedom, stability, and prosperity.

Tinubu emphasised the importance of creating an inclusive economy, particularly focusing on vulnerable people.

The Nigerian leader also lauded the Turkish leader for being “willing to collaborate, willing to help, willing to work together to promote freedom, stability and prosperity, shared prosperity across the world.”

The President stated: “What is very important to the countries being discussed, trade, business, no restrictions, giving opportunity to those who are ready to learn to 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 also stressed that Nigeria would continue to play a significant role in promoting peace and stability in Africa despite security challenges in some parts of the country.

He said: “We discussed efforts against terrorism. We discussed how to defeat agents of destabilisation.”

President Tinubu also praised President Erdogan for his commitment to promoting global peace, particularly his efforts in Somalia.

The Presidential aide stated that at the end of the bilateral meeting, officials from the two countries signed total nine bilateral agreements. They were: Agreement on Cooperation in the Field of Diaspora Policy; Agreement on Defence Cooperation; Joint Declaration Establishing the Economy and Trade Joint Committee; and Agreement in the Field of Halal Quality Infrastructure.

Others include Cooperation in the Field of Higher Education; Cooperation in the Field of Media and Communication; Cooperation in the Field of Education; Cooperation Between the Republic of Türkiye, Ministry of Foreign Affairs, Diplomacy Academy, and the Federal Republic of Nigeria, Ministry of Foreign Affairs and Foreign Affairs Academy; and Cooperation Between the Republic of Türkiye, Ministry of Social services and the Federal Republic of Nigeria, Ministry of women Affairs and Social Development.

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