Nigeria, Turkey Sign MoUs To Strengthen Trade Relations | Independent Newspapers Limited
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Nigeria, Turkey Sign MoUs To Strengthen Trade Relations

Posted: Mar 3, 2016 at 6:28 am   /   by   /   comments (1)

The Federal Government of Nigeria and Turkey on Wednesday signed Memoranda of Understanding (MoUs) to strengthen relations on trade, economic development and industrial cooperation.

Other MoUs on energy and security are still being framed and would be signed at a later date, President Muhammadu Buhari said during a joint press conference at the Presidential Villa, Abuja, when he received Turkish President Recef Erdoghan.

Erdoghan, while speaking at the press conference, said the volume of trade between the two countries is currently put at about $1.145 billion with export by Turkey grossing $314 million and import, $831 million.

Speaking on the MoUs signed at the bilateral meeting which held in the president’s office, he said they were important instruments that will help to further improve the trade relations of both countries.

Noting that Nigeria is a regional and global actor and one of the sub-Saharan countries that are seen as strategic partners to Turkey, he encouraged Turkish and Nigerian businessmen to increase their investments in both countries.

“As we speak our business people are connecting with their Nigerian counterparts

“I encourage Turkish people to make investments in Nigeria. Looking at the population of Nigeria and Turkey put together we are talking about 260 million people and this is a very important market.

“Our total trade volume is currently at $1.145 billion, our export is $314 million and our import is $831 million. As you see the result it is to the favour of Nigeria.

“I believe that if the two countries combine forces, making use of our own respective resources we would be able to come up with even better outcomes.

“I want to call on Nigerian business people to also make investments in Turkey. We are ready to share our experiences particularly in the area of irrigation and agriculture”, Erdoghan said.

President Buhari thanked the Turkish president for identifying Nigeria and expressing intentions to invest in Nigeria and to get Nigerians to invest in Turkey. He said the MoUs on energy and security would be signed subsequently.

“The MoUs just signed now on trade and economic cooperation and industrial cooperation, with others in the pipeline in terms of energy and security, is just the beginning of what we have in the pipeline. We would continue to draw MoUs and we will subsequently sign them”, Buhari said.

Erdoghan extended an invitation to President Buhari to visit Turkey during which time it is expected that talks on energy and security would be concluded and MoUs signed. President Buhari thanked him and accepted the invitation.