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Turkey to Invest in Nigerian Steel Industry

By on July 10, 2012

The trade between Nigerian and Turkey was approximately $ 1.2 billion in 2011. Most exports from Turkey into Nigeria were steel products, according to the Deputy Director General of the Ministry of Economy, representing the Turkish government, Mr. Yavuz Ozutku. This is why Turkey is eager to invest in the Nigerian Steel Industry.

Yavuz Ozutku speaking at an executive parley attended by a delegation of Turkish and Nigerian businessmen in Lagos said Turkey was excited about partnering with Nigeria in the steel sector.

He said, “Just two weeks ago there was a Turkish exhibition in Lagos. And now we are here with the Turkish Steel manufacturers and exporters. Steel is an important product for us. Last year, steel and iron was number one in our exports to Nigeria. This is because Nigeria has a booming economy and in such an economy construction is the most important sector.”

Speaking of the growth in bi-lateral trade to $ 1.2 billion, he said, “The reason why we are in Nigeria is to meet and introduce ourselves to the business community and share experiences with Nigerian business people because Turkish business in Nigeria has increased. For this reason, we have come with 21 leading companies to meet with the Nigerian business fraternity”.

He also spoke on the similarities between the economic policy thrusts of both countries, adding that he was delighted to hear that Nigeria aspired to be one of the top 20 economies in the world by 2020 and added that Turkey aimed to be one of the tenth biggest economies in the world by 2023.

“Nigeria and Turkey are not so different because we are going to the same direction and therefore we would like to have more and more business with Nigeria because both countries need it. So we are here to boost trade; not only that, investment is also an important part of our mission,” he explained.