Nigeria, Turkey to Establish Joint Committee on Drive $5bn Trade Target
The federal government has announced plans to establish a joint economy and trade committee with Turkey to boost bilateral trade to $5 billion.
President Bola Tinubu departed Abuja for a state visit to Turkey on Monday.
In a statement, Bayo Onanuga, presidential spokesperson, said Turkish President Recep Erdogan reiterated the country’s commitment to boosting trade at a joint press briefing with Tinubu.
Onanuga said a joint committee, announced during the high-level talks, is expected to drive strategies to expand economic cooperation and increase trade volume from the current $1 billion.
Erdogan said the presence of Tinubu, several ministers, and high-ranking officials was the clearest indication of the determination to attract investment to the country.
“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,” the Turkish president said.
Erdogan lauded Tinubu’s energy sector reforms, saying they are restructuring Nigeria’s economy.
He expressed hope that collaborations between Turkish and Nigerian energy firms, like Turkish Petroleum Corporation, would yield positive results.
The Turkish president also made commitments to assist Nigeria in tackling terrorism, leveraging its experience in countering insurgency, with cooperation in military training, intelligence and defence industry partnerships.
On his part, Tinubu commended Turkey for collaborating on global freedom, stability and prosperity, emphasising the need for an inclusive economy that prioritises vulnerable people.
“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,” the Nigerian president was quoted as saying.
“How do we build an inclusive economy together? How do we reform and get vulnerable people involved in the economy? How do we ensure peace in the world?”
The president added that Nigeria would continue to play its big role for peace and stability in Africa, despite the instability around the country.
Besides the joint declaration establishing the economy and trade joint committee mentioned earlier, Nigeria and Turkey signed eight other agreements, including defence cooperation, diaspora policy, and halal quality infrastructure deals.
The agreements also cover collaborations in higher education, media, education and social services, with partnerships between institutions like Turkey’s diplomacy academy and Nigeria’s foreign affairs academy.