Nigeria-Turkey Joint Trade Mission and Business Delegation 2021 part 2

 

WHY NIGERIA TURKEY continued

According to the data of the Turkish Statistical Institute, the volume of bilateral trade between the two countries, except for oil and gas, totaled nearly $500 million in 2018. While the sale of Turkish goods to Nigeria totaled $340 million, Turkey's imports from the country were recorded at $160 million.

The economic relations between the two countries gained significant momentum in 1999 when Turkey began to purchase liquefied natural gas (LNG) from Nigeria. Last year, Nigerian crude oil also started to sell in Turkey. The bilateral trade volume in 2019 was calculated at $2.3 billion.

Oil and LNG account for 90% of Turkish imports from Nigeria while oil seed, fruits, sesame, charcoal and cacao make up other Nigerian goods Turkey purchases. Nigeria hopes to expand her trade and business with Turkey in different sectors of the economy including mining, textile, oil e.t.c

Steel products, furniture goods, construction material and food products are among the items Turkey exports to Nigeria. In 2018, Turkey became the top sesame purchaser from Nigeria.

More than 40 Turkish firms operate in Nigeria. These firms employ more than 500 Turkish citizens and over 2,500 Nigerians. Turkish companies also organize commercial fairs in different regions of the country, particularly in Lagos.

Turkish firm Ak-Ay Elektrik provides electricity for three million Nigerians through five infrastructure projects to supply transformer substations. The company began its first project here in Nigeria in the year 2001.

Fast-moving consumer goods manufacturer (FMCG) Hayat Holding has been producing hygiene products in its $100 million facility, located in Ogun state since 2017 and employs more than 400 people.

A Joint Trade mission to Turkey will help to boost the nation's economy as we struggle to stabilize after the effects of the covid 19 pandemic. In a statement signed by the Chairman and President of Globe Chamber of Commerce and Industry, Hon. Nwabueze Buchi George, Nigeria needs to have a plan on how to make contributions to the global economy. we must harness all the opportunities a Trade Mission to a country like Turkey presents to us and make show it translates into positive contributions to our failing economy. He went further to say that we cant remain as consumers but must find a way to expand on our exports to prevent trade deficit (a situation where our country spends more on aggregate imports from abroad than what we earn from aggregate imports)