A Review of the Nigerian Energy Industry

Turkey-Nigeria trade volume to reach $2bn in 2013

04 October 2012, Sweetcrude, Lagos – OIL and gas will play a key role as Turkey expects trade between it and Nigeria to reach $2 billion by the end of 2013.

This level of trade represents a substantial jump in the current trade volume estimated at $1.3 billion.

Bulent Ferik, the Commercial Counselor, Embassy of Turkey in Nigeria, at the inauguration of the Nigerian-Turkish Business Council, NTBC, in Lagos, said his country’s imports from Nigeria were mainly oil and gas, while their exports include textile materials, heavy machinery, construction equipment and others.

According to him, there was need to further strengthen the existing relationship between the countries through the formation of joint investment projects.

He said the inauguration of Nigerian-Turkish Business Council will boost the existing relationship between the two countries.

It is his belief that the the formation of the business council would assist in convincing Turkish investors to explore the Nigerian business environment.

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  • While we welcome the increased volume in trade between both countries, we would have been happier if the Nigerian non-oil sector accounted for the bulk of the increase and not the other way round.