The Chairman of the Nigeria–Türkiye Business Council (NTBC), Dele Kelvin Oye, has urged Turkish investors to take advantage of Nigeria’s estimated $255 billion market size to expand their industrial footprint.

Oye made the call while speaking at the Türkiye–Nigeria Business Council Business Summit held at the Marriott Hotel in Ankara, where he highlighted Nigeria’s demographic strength, expanding consumer base and the huge opportunities created by the African Continental Free Trade Area (AfCFTA).

Speaking at the investment summit, Oye further charged the investors to position early to benefit from the country’s projected $1 trillion economy.

The event was held on the sidelines of President Bola Ahmed Tinubu’s state visit to the Republic of Türkiye.

It was aimed at strengthening the existing cordial relationship between the two countries and exploring further areas of cooperation – security, education, social development, innovation and aviation.

Oye, who’s immediate past President of NACCIMA, said Nigeria’s large and youthful population, projected to become the third largest globally by 2050, presents a compelling market for manufacturing, consumer goods, energy, housing and services, while the AfCFTA provides duty-free access to markets across the continent.

“The relationship between Nigeria and Türkiye is built on a foundation of mutual respect that dates back to Nigeria’s independence in 1960. Research indicates that this partnership has evolved from basic diplomatic recognition into a robust multi-sectoral collaboration.

“Over the decades, both nations have navigated the challenges of the global political economy, consistently finding common ground in their aspirations for South-South cooperation. This evolution is characterised by a shift from a traditional land-power focus to a more dynamic, maritime and globally oriented economic strategy.

“Significant milestones have marked the progress of our bilateral ties. The 100th anniversary of the Republic of Türkiye in 2023 served as a critical juncture, reflecting a renewed commitment to expanding Turkish influence and investment in West Africa. The establishment of various Bilateral Trade Agreements (BTAs) and Memoranda of Understanding (MoUs) with the visit of President Tinubu to Turkiye and the signing of various cooperation agreements,” he said.

The immediate past Chairman of the Organised Private Sector of Nigeria (OPSN) stated: “The NTBC acts as a vocal advocate for the interests of Turkish investors within the Nigerian policy space. We work closely with government agencies to ensure that the concerns of foreign capital are addressed in the formulation of new regulations.

By providing our members with up-to-date information on legislative changes, we enable them to navigate the Nigerian regulatory landscape with greater agility and foresight. This advocacy is crucial for maintaining a business-friendly environment that encourages sustained investment.”

Credit: Guardian.ng