Nigeria-Turkey Joint Trade Mission and
Business Delegation 2022 is a yearly bilateral Business and Economic event
aimed at enhancing joint Trade, Exportation, Investment and Economic
opportunities between Nigeria and Turkey.
Each country's program will promote a lot of
local and International Business, Investment opportunities, locally made goods,
products and services, visitors, traders and Investors from both countries.
It will feature exhibition, conference, and
networking program dedicated to offer the best business, Investment and trade
Opportunities that will build wealth, support international networking,
business development and economic exchange.
This project is a joint initiative of Trade
Nigeria in partnership with Globe Chamber of Commerce and Industry, Ministry of
Trade and Investment, Ministry of Foreign Affairs, World Trade Summit &
Expo Organization, Nigerian Embassy Turkey, States and Federal Government of
Nigeria.
WHY NIGERIA-TURKEY?
With Nigeria's growing economy as the leader
of the Economic Community of West African states (ECOWAS) and a large
population of over 180 million people, Nigeria is one of Turkey's largest Trade
partners in Africa. In Africa, Nigeria is the sixth-largest commercial partner
of Turkey and the second in Sub-Saharan African countries.
The Commercial relations between Turkey and
Nigeria began to blossom with a trade agreement signed in Lagos, the former
capital of Nigeria in 1982. The deal allowed Turkey to import cacao, cola nut,
rubber, zinc, crude oil, coal, palm nut and tin stone while it enabled Nigeria
to purchase construction materials, electronics goods as well as agricultural
tools and machinery from Turkey.
According to the data of the Turkish Statistical Institute, the
volume of bilateral trade between the two countries, except for oil and gas,
totaled nearly $500 million in 2018. While the sale of Turkish goods to Nigeria
totaled $340 million, Turkey's imports from the country were recorded at $160
million.
The economic relations between the two countries
gained significant momentum in 1999 when Turkey began to purchase liquefied
natural gas (LNG) from Nigeria. Last year, Nigerian crude oil also started to
sell in Turkey. The bilateral trade volume in 2019 was calculated at $2.3
billion.
Oil and LNG account for 90% of Turkish imports
from Nigeria while oil seed, fruits, sesame, charcoal and cacao make up other
Nigerian goods Turkey purchases. Nigeria hopes to expand her trade and business
with Turkey in different sectors of the economy including mining, textile, oil,
e.t.c
A Joint Trade mission to Turkey will help to
boost the nation's economy as we struggle to stabilize after the effects of the
pandemic. In a statement signed by the Chairman and President of Globe Chamber
of Commerce and Industry, Hon. Nwabueze Buchi George, Nigeria needs to have a
plan on how to make contributions to the global economy. "we must harness
all the opportunities a Trade Mission to a country like Turkey presents to us
and make show it translates into positive contributions to our failing
economy", he added.
He also went further to say that we
can’t remain as consumers but must find a way to expand on our exports to
prevent trade deficit (a situation where our country spends more on aggregate
imports from abroad than what we earn from aggregate imports).
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