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Friday 14th August 2020,
Hope for Nigeria

Bilateral trade with Turkey hits $2.3b

nigeria-turkey

TURKISH investors plan $50m textile plants in ImoTHE volume of bilateral trade between Nigeria and Turkey has risen from $2 billion in 2012 to $2.3 billion last year, as the two countries, yesterday, renewed strategies to further raise transactions profile this year.

Already, Turkey has announced plans by its investors to establish five textile factories in Imo State, at an estimated total cost of $50 million (N8 billion).

Besides, the Association of Businessmen and Investors of Nigeria and Turkey (ABINAT) has concluded plans to host the second edition of a three-day ECOWAS-Turkish Export Products Fair in Lagos from March 3.

ABINAT President, Yauuz Zemheni, disclosed in Lagos on Wednesday that the improved trade relationship between Nigeria and Turkey would be further manifested this year going by the disposition of stakeholders from both countries to further expand their respective business profiles.

“Our focus is on production of quality goods for which Turkey is widely known. We are not going to be merely importing goods to Nigeria. Rather, we are planning to establish more production plants in this country, to provide more jobs for the people and also enhance the productive capacity of Nigeria.

“Consequently, a Turkish firm is establishing five textile plants in Imo State very soon. Processes in this regard are ongoing. Each of the plants is estimated to cost $10 million.

The ABINAT boss, who declined to disclose the identity of the new investors in Imo State, said the textile mills would produce “high quality fabrics for which we are known for in Turkey.”

According to him, Turkish investors’ investments in Nigeria are expected to provide 4000 new job opportunities in the country, mostly in the productive sector.

Nigeria’s exports to Turkey include liquefied natural gas, sesame seed, charcoal, cocoa and wood, while the European country imports construction materials, textiles, power generating components and vehicles, among other goods, to the country.

ABINAT expects over 90 exhibitors at its Lagos fair and has projected over 10 investors staking interest in Nigeria’s business environment after the trade and commerce forum.

 

Turkey had earlier enlisted interest in Nigeria’s steel sector. Indeed, a 30-man delegation from the European country had visited the country and held discussions with top government officials and some local businessmen.

Also, the Turkish ambassador to Nigeria, Mustafa Pulat, had said that despite the security challenge in the country, his home country and investors would continue to invest in Nigeria.

Pulat, who noted that Nigeria has conducive environment for business, said Turkey had many business interests in the country.

He said: “We have many business interests in Nigeria. We have established the Turkish International University in Abuja. We are working on the establishment of a hospital in Abuja.

“Turkish businessmen are also building factories in Nigeria. I have a mandate to set up a consulate in Lagos that will take care of Turkish business interests in the South-West. The only challenge we face is the dearth of property in Lagos and that has been limiting us.”

Pulat said Turkey would establish a joint Nigeria-Turkish Commission to promote economic cooperation between the two countries.

According to him, every country has its own problems and Nigeria will not be an exception.

“Turkey too has problems. I am not new to Africa. I have served in Sudan and Germany but this is my first time in Nigeria as an ambassador and it is amazing. Nigeria is an interesting country; I have made a

lot friends”.

“I have met many Nigerians who are ready to partner with Turkey in businesses – manufacturing and other issues of trades. It is very interesting because Nigeria has enormous human and material resources. There is a lot of Turkish presence in Nigeria,” he added.

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