Increasing Investments in Nigeria: A Call to Turkish Nationals and Business Owners

In a recent bilateral business forum between Nigeria and Turkey, Minister of Industry, Trade and Investment, Adini Adibaya, alongside the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, made a compelling call to Turkish nationals and business owners to invest and increase their investments in Nigeria.

Exploring Opportunities for Economic Growth

With the global economy seeking to recover from the impact of the pandemic, Turkey‘s President Recep Tayyip Erdogan has been actively engaging African leaders and investors, including those from Nigeria, to share Turkey‘s experiences and expertise in various key areas such as agriculture, energy, industry, and infrastructure. The trade between Turkey and Africa has seen significant growth, reaching over $25.3 billion by 2020 despite the challenges posed by the pandemic.

Embracing Emerging Opportunities

The engagement between Nigeria and Turkey aims to explore emerging opportunities in sectors such as agriculture, healthcare, ICT, and financial services. Additionally, the new regional free trade zone under the African Continental Free Trade Area (AfCFTA) offers promising prospects for both countries to further enhance their trade relations.

Diversifying Nigeria’s Economy

While Nigeria has historically traded mainly in oil and liquefied natural gas (LNG) with Turkey, there is a concerted effort to diversify the country’s economy and broaden the focus of its bilateral trade relationship. The Nigeria-Turkey Business Forum in Abuja served as a platform for officials to underscore the importance of diversifying trade sectors and attracting further investments to drive economic growth.

Conclusion

The call for increased investments from Turkish nationals and business owners to Nigeria presents opportunities for mutual economic benefit and growth. As both countries seek to diversify their trade relations and explore emerging sectors, the potential for collaboration and expansion is evident. With a commitment to leveraging each other’s strengths and experiences, Nigeria and Turkey are poised to foster a dynamic and mutually beneficial economic partnership.

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