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Nigeriais the 5th largest trade partner of Turkey in Africa and 2nd among the Sub-Saharan Countries by 2012.
In order to complete the legal framework of bilateral commercial and economic relations, Turkey and Nigeria have signed a number of agreements, including Agreement on Economic, Scientific and Technical Cooperation (1986),Investment Promotion and Protection Agreement (2011). Until today, in order to evaluate and enhance bilateral economic and trade relations four Joint Economic Commission meetings have been held.
Turkish-Nigerian Business Council has been established in 2011. Also, Turkey-Nigeria Chamber of Commerce has been established in Lagos in 1999.
Commercial and economic ties between Turkey and Nigeria are developing at a rapid pace. Bilateral trade volume has quadrupled between 2004-2011 reaching 1.5 billion dollars.
Turkey’s goods exports to Nigeria in 2012 were 438 million $, up by 11.4% (393 million $) from 2011, and up 447% from 2004.
The top export categories (2-digit SITC) for 2012 were:Iron & steel (136 million $); Electrical machinery, apparatus and appliances (54 million $);Manufactures of metals (36 million $); Non-metallic mineral manufactures (26 million $); and Articles of apparel and clothing accessories (25,4 million $).
Turkish goods imports from Nigeria totaled 1,1 billion $ in 2012, up 36.5% (823 million $) from 2011, and up 478% from 2004.
The top 5 imports categories (2-digit SITC) for 2012 were: Gas, natural and manufactured (672,9 million $); Petroleum, petroleum products and related materials (342,2 million $); Oil-seeds and oleaginous fruits (81,9 million $); Leather, leather manufactures, n.e.s., and dressed furskins (11.1 million $); and Non-metallic mineral manufactures (6,4 million $)
The trade deficit of goods with Turkey was 685 million $ in 2012, a 37% increase (429 million $) over 2011.
Contracting and Consultancy Services
Nigeriais an emerging market for Turkish contractors. Turkish firms held and are holding 11 projects in Nigeria with a total value of 641 million dollars up until now.
Turkish foreign direct investment (FDI) stock in Nigeria was 96,2 millon $ in 2012.
No FDI of Nigeria in Turkey (stock) is recorded as of 2002. Yet, there are 51 Nigerian firms operating in Turkey with capital smaller than 200.000 $ currently.
Update Date: July/2013