Nigeria, Turkish sign economic cooperation Agreement to increase $2.3bn Trade Volume

The Federal Government of Nigeria, on Wednesday, signed a memorandum of understanding (MoU) on trade and economic partnership agreement with the Turkish government to boost commerce and economic activities.

This is to raise the current trade volume of both countries, which currently stand at $2.3 billion, through investments drive, according to BusinessDay.

Okechukwu Enelamah, minister of industry, trade and investment, said Nigeria was expected to ride on the economic partnership agreement between both countries to expand its investment drive with the Turkish government, whom he described as a key economic partner with the Nigerian government.

“The relationship between Turkey and Nigeria is an opportunity we won’t waste. Our trade volume currently stands at $2.3 billion. We have already advanced our discussions with them, at the diplomatic level. Currently, government is facilitating  discussion with up to 150 Turkish Business men and key representatives of the private sector in Nigeria to explore more areas of investments.

“We are open for Business and we must find multiple ways of collaborating with Turkey. Every obstacle in this partnership, we must address using all the machinery while carrying the private sector along. We are looking forward to investment that would diversify our economy in key areas of agriculture, solid minerals, and defence industries,” Enelemah said.

Meanwhile, Omer Cihad Vardan, the Foreign Economic Relations Board of Turkey President, said: “Nigeria is sharing a similar vision with the Turkey, for instance, just as you want to become the largest economy by 20:20, likewise by 2023, we want to be among the first 10 economies in the world, that is why we are exploring all the advantages of strong economic partnership among both countries.”

He hailed Nigeria’s strategic position, noting that “Nigeria takes an appreciable figure in the total trade volume of $5 billion in Africa,” while insisting Turkey plans investment into Nigeria’s construction, infrastructure and Social development and industrial sectors, which he said has the capacity to deepen both country’s economy.

“We looked toward strategic partnerships and cooperation in health sector, aviation and Air Transport.

“Nigeria’s I70 million populace and Turkey’s 80 million are an advantage to us. Nigeria is strategic in Africa, and we must keep improving relationships of both countries and preparing ground for the business and chamber of commerce of both countries to deepen such relationships.

“For instance, we have made available Turkish Airline flying direct flight from Istanbul to Kano, Abuja and Lagos, while providing easier access for businesses among those countries to thrive,” he said.

Furthermore, Bassey Edem, national president, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), sued for the balance of the trade between both countries.

According to him, Turkey has more comparative advantage in the trade relations, while urging the Turkish government to focus on technology transfer by investing in specific sectors of the Nigerian economy, aimed at economic diversification.

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