Indications emerged yesterday that the trade volume between Nigeria and Turkey has hit about $1.5 billion annually.
The trade is however in favour of Nigeria because Turkey imports Liquefied Natural Gas (LNG), Palm oil, Sesame oil and woods from Nigeria.
Also, the investments by Turkish business community was put at about $500 million mostly on chemical products, sanitary pads, pampers and toilet papers.
But Nigeria’s exports to Turkey may increase following a fresh crude oil deal being worked out with the Nigerian National Petroleum Corporation (NNPC).
These are contained in a fact-sheet obtained by The Nation.
The fact-sheet said in part: “The volume of trade between Nigeria and Turkey is very stable at $1.4 billion – $1.5 billion annually. The trade is in favour of Nigeria because Turkey is importing Liquefied Natural Gas (LNG), Palm oil, Sesame oil and woods from Nigeria.
“Out of the $1.5 billion, about $1.1 billion products and goods are being imported by Turkey from Nigeria. The trade balance is
“Turkey in turn is exporting spare parts for machines and cars; fabrics, some cosmetics and furniture to Nigeria.
“There are about 75 Turkish companies operating in Nigeria with pure Turkish investments at approximately $500 million. Turkish-Nigerian investments fetch another $200 million.”
“At the last count, there are 1,100 Turks in Nigeria. Available records show that 26,000 Nigerians also visited Turkey in 2017. About 1,400 Nigerian students are studying in Turkey.
“Some of these students are in special institutions in Turkey which allocated 60 full government scholarship offers to them in the last two years. Some of them are studying medicine, engineering, pharmacy, medical science and others…
“The Turkish International Petroleum Company (TIPC) is negotiating with NNPC a reasonable amount of energy unit price.”