Home Investment Turkey’s investments in Nigeria beyond the numbers, says minister

Turkey’s investments in Nigeria beyond the numbers, says minister

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Turkey’s investments in Nigeria are beyond the numbers and efforts are being made to increase the trade volume of the two countries.

Nigeria’s Industry, Trade and Investment Minister, Otunba Richard Adeniyi Adebayo stated this in an interview with Anadolu Agency (AA) as sighted by NIPC Intelligence, on the sidelines of the 3rd Turkey-Africa Partnership Summit which concluded yesterday in Istanbul, Turkey.

Stating that Turkey has sufficiently proven that it is “the country dubbed as a strategic partner” with its investments in Nigeria, Adebayo said: “Recently, Turkey-Nigeria relations have made progress in various fields such as agriculture, construction, consumer products, education, oil and natural gas.”

Pointing to the importance of relations between Turkey and Nigeria, especially in recent years, he said: “I admire the progress we have made in signing the necessary agreements and consciously establishing links between the businesses of both countries.”

Adebayo further underlined that the current economic relations between the two countries have a great potential to improve and that Turkey imports petroleum, liquefied natural gas (LNG) and agricultural products from Nigeria, while Nigeria imports textiles, carpets, agricultural machinery and medical supplies from Turkey.

The Turkish Cooperation and Coordination Agency (TIKA) has chosen Nigeria as the regional coordination centre for its technical support in Africa, he emphasized, adding that Turkey is very active in the education sector through the establishment of various schools, including a university, in Abuja.

Stating that further cooperation can be made in sectors such as oil, natural gas, industry, agriculture and mining to increase the trade volume between Turkey and Nigeria, he said: “Commercial promotion activities such as business and trade fairs to improve trade and investment relations can create investment opportunities for both countries.”

He further stated that the recent memorandums of understanding between Turkey and Nigeria are an indication of progress in commercial activities between the two countries.

The Minister also stated that plans are in progress to establish the Nigeria-Turkey Strategic Business Council, which would include the public and private sectors from both countries, to increase the bilateral trade volume.

Earlier, during the Turkey-Africa Economic and Business Forum held in Istanbul in October, it was said that Nigeria’s exchange of goods with Turkey will rise dramatically from its current level of $2 billion.

NIPC INTELLIGENCE

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