Nigeria and the Republic of Türkiye have set an ambitious target of $5 billion in bilateral trade volume as Presidents Bola Ahmed Tinubu and Recep Tayyip Erdogan deepened economic, security and diplomatic ties during Tinubu’s State Visit to Ankara on Tuesday.
Speaking at a joint press briefing, President Erdogan disclosed that discussions to raise trade between both countries from the current $2 billion to $5 billion had already commenced. He said the newly established Joint Economy and Trade Committee would be central to achieving the target and expanding Turkish investments in Nigeria.
“At present, our trade volume is about $2 billion. Today, we reaffirmed our commitment to the $5 billion trade volume target and discussed the steps needed. We also agreed to establish a Joint Economy and Trade Committee, which will be instrumental in supporting and expanding our investments in Nigeria,” Erdogan said.
Türkiye currently exports planes, helicopters, machinery, iron and steel, and chemical products to Nigeria, while Nigeria exports crude oil and agricultural products to Türkiye.
Erdogan praised President Tinubu’s economic reforms, particularly in the energy sector, noting that cooperation between Turkish Petroleum Corporation and Nigerian counterparts could yield significant outcomes. He also commended Tinubu’s determination to develop Nigeria, pointing to the presence of several ministers and high-ranking officials in his delegation.
On security, the Turkish leader pledged support for Nigeria’s fight against terrorism, citing Türkiye’s own experience in combating insurgency. He said both countries discussed closer cooperation in military training and intelligence sharing.
“We stand by the friendly people of Nigeria in their fight against terrorism. We are ready to share our country’s significant experience in combating terrorism,” Erdogan said, adding that Nigerian officials would also engage leading Turkish defence industry companies during the visit.
In his remarks, President Tinubu thanked Türkiye for its openness to collaboration and emphasised the importance of building an inclusive economy that supports vulnerable populations.
“What is very important is trade and business with no restrictions, giving opportunity to those who are ready to learn, work and prosper. How do we build an inclusive economy together? How do we reform the economy and involve vulnerable people?” Tinubu said.
He reaffirmed Nigeria’s commitment to promoting peace and stability across Africa, despite security challenges in some parts of the country, and praised Erdogan’s efforts toward global peace, particularly in Somalia.
At the end of the bilateral meeting, officials from both countries signed nine agreements, including:
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 Diplomacy
Academies of both countries’ Foreign Ministries
Cooperation between Türkiye’s Ministry of Social Services and Nigeria’s Ministry of Women Affairs and Social Development
The agreements are expected to strengthen economic ties, enhance security cooperation and deepen people-to-people relations between Nigeria and Türkiye.