The Nigerian National Petroleum Corporation (NNPC) has expressed its desire to extend trade dealings between Nigeria and the Republic of Turkey.
The Corporation said the main reason for the improved trade relation was to foster cooperation between its Turkish counterpart in infrastructural development and other areas of common interest to Nigeria and Turkey.
The Group Managing Director of NNPC, Mallam Mele Kyari, made this disclosure while receiving the Turkish Ambassador to Nigeria, His Excellency Melih Uluren, during a courtesy visit to the NNPC Towers in Abuja.
“We are looking forward to greater cooperation between NNPC and Turkish Petroleum industry such that we find a business in other areas like infrastructural development that both countries will be interested in promoting to the benefit of both countries.”
Further details: In a statement signed by the Group General Manager, Group Public Affairs Division of NNPC, Ndu Ughamadu, Kyari said the Turkish national oil company has trade relations with NNPC and the Corporations wants to build on it.
The Turkish Ambassador, who came to felicitate with the NNPC GMD, on his appointment, said his country was eager to deepen economic ties with Nigeria.
A look into the Nigeria-Turkey trade relation shows that Turkey is the 8th biggest export market for Nigeria. According to the recent data from the National Bureau of Statistics (NBS) for the period of Q1 2019, Turkey accounted for 3.96% of Nigeria’s total export.
- In the first quarter of 2019 alone, Nigeria exported goods worth of N179.8 billion to Turkey.
- Out of the total goods exported to Turkey, oil export accounted for N76.5 billion.
- Also, Nigeria’s non-oil export to Turkey was estimated at N103 billion.
Why this matters: A stronger trade relations between the two nations may further create room for more export revenue for Nigeria’s economy.
- Turkey is one of the countries that imported more of Nigeria’s non-oil products in Q1 2019. Hence, for Nigeria’s non-oil export, the trade relations may further improve agricultural export.
- For instance, Turkey imported an estimated N6.7 billion Sesamum seeds from Nigeria in Q1 2019.
- Other non-oil products exported to Turkey include calcium sulphate and crude salt.
- Also, since Turkey is one of Nigeria’s major trade partners in crude oil export, a stronger trade tie means a bigger market for Nigeria’s oil export trade.