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Nigeria, Turkey trade volume hit $1.5bn in 2012

By on September 5, 2013

Bilateral trade between Nigeria and Turkey in 2012, including imports and exports, was estimated to be worth over $1.5bn.

The Chairman, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Alhaji Mohammed Abubakar, made the disclosure at the opening of the Turkish Export Products Exhibition in Lagos on Tuesday.

Abubakar, who was represented by the President, Remo Chamber of Commerce and Industry, Sagamu, Mrs. Adesola Adebutu, said the amount was a proof of improved commercial and economic ties between both countries.

“This is evident by the fact that the bilateral trade volume had quadrupled between 2004 and 2011, reaching $1.5bn as of 2012,” he said.

According to him, Turkey’s goods imports to Nigeria went up by 11.4 per cent in 2011 with the top categories being iron and steel, electrical machinery, apparatus and appliances, manufacture of metals, non-metallic mineral manufacture and articles of apparel and clothing accessories at $136m, $54m, $36m, $26 and $25.4m, respectively.

Abubakar added the goods exports from Nigeria to Turkey also went up by 36.5 per cent with the top five categories being gas, natural and manufactured, $672.9m; petroleum, petroleum products and related materials, $342.2m; oil seeds and oleaginous fruits, $81.9; leather, leather manufacturing and dressed fur skins at $11.1m; and non-metallic mineral manufacture, $6.4m.

Abubakar said in the area of contracting and consultancy services, Nigeria had remained an emerging market for Turkish contractors, while Turkish firms were executing 11 projects in the country with a total value of $641m and a foreign direct investment stock worth $96.2m as of 2012.

“Even though the trade statistics revealed that the balance of trade between the two countries is in favour of Turkey, the existence and continuous annual growth in the volume of trade between both countries is a testimony of the faith, reliability and confidence both countries have in each other and in their products and services,” he said.