Nigeria and Turkey have recently reaffirmed their commitment to significantly strengthen their economic relations during a state visit by Nigerian President Bola Ahmed Tinubu to Ankara. Currently, the trade volume between the two countries is around 2 billion US dollars per year. The leaders stated their goal to increase this figure to 5 billion US dollars, more than double the current level.

This ambition was expressed following discussions between Turkish President Recep Tayyip Erdoğan and President Tinubu, during which several agreements were signed to enhance economic, commercial, and institutional cooperation. Among these agreements is the creation of a Joint Economic and Trade Committee (JETCO), aimed at facilitating trade and encouraging bilateral investment.

The agreements also cover various sectors, including diaspora policy, media and communication, higher education, halal infrastructure, defense, and education. According to official statements, these legal instruments and increased cooperation are intended to create job, investment, and growth opportunities for both populations.

These announcements come in a context where trade between Turkey and Nigeria has been gradually expanding, with the establishment of a joint committee to stimulate exchanges and encourage businesses from both countries to take advantage of this potential.