24 June 2012

Nigeria, Turkey Trade Volume Rises to U.S.$1.3 Billion

Trade volume between Nigeria and Turkey stood at 1.3 billion dollars (N206 billion) as at May this year, Dr. Herbert Ajayi, the President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has said.

Ajayi made this known at the opening ceremony of the first Turkish Products Exhibition during the week in Lagos, where he was represented by the Second Deputy National President, Bassey Edem.

He said that the trade volume had improved tremendously, adding that both countries were benefiting from long-standing trade relations.

He said that Nigeria's main imports from Turkey were clothing, food items, engine and automobile parts, while Turkey was importing sesame seeds, raw and semi-processed leather as well as rubber.

Ajayi said that the exhibition was geared towards enhancing the bilateral relations between the two countries.

According to him, the world was gradually becoming a global village due to adoption of trade liberalisation policies by nations.

The Turkish Ambassador to Nigeria, Ali Rifat, said the exhibition was organised to demonstrate the business opportunities offered by Turkey.

Rifat said Turkey had become an attractive country for foreign investors, and was becoming the fastest growing economy among members of the Organisation for Economic Cooperation and Development.

"Our per capita income increased to over 10 billion US dollars in 2010. Turkey's GDP is approaching one trillion US dollars level," he said.

"Turkey is recognised as an emerging economy with global reach. Therefore, when you do business with your Turkish counterparts, I can assure you that you are in safe hands", he said.

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