Nigeria and Turkey have agreed to set up a Joint Economy and Trade Committee (JETCO) to drive bilateral trade toward a ambitious target of $5 billion, up from the current volume of around $2 billion annually.
The announcement came during President Bola Ahmed Tinubu's state visit to Turkey on Tuesday, January 27, 2026, following high-level bilateral and delegation-level talks with Turkish President Recep Tayyip Erdogan at the Presidential Complex in Ankara.
President Erdogan, speaking at a joint press briefing, reaffirmed Turkey's commitment to the $5 billion trade goal, stating that discussions to achieve it are already underway. He highlighted the JETCO's pivotal role in expanding Turkish investments in Nigeria, supporting industrial growth, technology transfer, and stronger private sector collaboration.
Erdogan praised President Tinubu's reforms in Nigeria's energy sector for restructuring the economy and expressed optimism for partnerships involving Turkish firms like the Turkish Petroleum Corporation.
Current trade dynamics show Turkey exporting planes, helicopters, machinery, iron and steel, and chemical products to Nigeria, while Nigeria supplies crude oil and agricultural products to Turkey.
The JETCO establishment was formalized through a joint declaration signed as one of nine agreements and Memoranda of Understanding (MoUs) exchanged in the presence of both leaders.
Other pacts covered defense cooperation (leveraging Turkey's advanced capabilities), diaspora policy, Halal quality infrastructure, higher education, media and communication, education, social services, women's affairs, and partnerships between the diplomacy academies of both foreign ministries.
President Tinubu commended Turkey's openness to collaboration on global freedom, stability, and prosperity, emphasizing the need for inclusive economic growth that prioritizes vulnerable populations.
He stressed removing barriers to trade, preventing double taxation, and creating unrestricted business opportunities.
Erdogan also pledged Turkey's support for Nigeria's fight against terrorism and insurgency particularly in the Sahel region through military training, intelligence sharing, and defense industry partnerships, drawing on Turkey's own experience.
The state visit, which began on January 26 and continues through January 28, includes meetings with business and defense leaders to further advance cooperation in trade, investment, energy, security, and education.
The developments align with Nigeria's Renewed Hope Agenda to strengthen strategic partnerships and boost economic resilience through reliable international alliances.
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