The Lagos Chamber of Commerce and Industry (LCCI) and Turkish Exporters Assembly (TİM) have inked a deal that will improve trade relationship between Nigeria and Turkey. The deal was signed at the Turkish-Nigeria Business Forum in Lagos on Wednesday.
“We believe that by improving our relations, and by sharing our experiences, we will add more products to this trade route and mutually increase the trade volume,” TİM representative Abdullah Keskin said.
The trade volume between Nigeria and Turkey stood at $490 million last year, falling short of the $1.4 – $1.5 billion averaged over the past few years. Keskin, therefore, called for better economic ties between the two countries.
“We believe that events of this sort where our businesspeople discuss trade opportunities will serve both sides well. Turkey, with the leadership of our President Recep Tayyip Erdogan, has been implementing a policy of opening up to African states since 2006,” he said.
“This policy was transformed into a partnership with Africa following the Second Turkey-Africa Cooperation Summit and Turkey-Africa Business and Economy Forum, held in November 2016. As part of this process, we would like to strengthen our bonds with Africa in every aspect of our relations. Moreover, we look forward to creating a permanent and sustainable future together because our approach is based on the ‘win-win’ philosophy,” Keskin said.
Osman Askay, chairman of the Turkey-Nigeria Business Council, said the event was meant to improve relations between the business communities of both countries, with focus on raising bilateral trade volumes to over $2 billion in the next two years.
“We believe Nigeria offers a good market for Turkish investors,” Askay said. There are currently about 75 Turkish companies operating in Nigeria.
Soboma Ajumogobia, vice president of the LCCI, said the organization was ready to collaborate with the Turkish Embassy in Nigeria to improve trade and investment relations between the two countries.
“I am very happy that the Turkish Embassy in Nigeria is working to strengthen economic cooperation between Turkey and Nigeria. I am hopeful that the outcome of this mission will encourage potential Turkish investors to come and take advantage of this huge market,” he said.