Oye charges Turkish investors to take advantage of Nigeria’s $255bn market to expand industrial, business frontiers

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 opportunities created by the African Continental Free Trade Area (AfCFTA).Nigeria is one of Africa’s most strategic investment destinations, with a gross domestic product estimated at about $200 billion and a stock market capitalisation of approximately $54 billion, providing a strong foundation for long-term capital formation and industrial expansion.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 is aimed at strengthening the existing cordial relations between the two countries and exploring further areas of cooperation in 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 demand base for manufacturing, consumer goods, energy, housing and services, while AfCFTA provides duty-free access to markets across the continent.According to him, “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 characterized 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 Ptesident Tinubu to Turkiye and the signing of Various Agreements on Cooperation in the Field of Diaspora Policy; Agreement on Defence Cooperation; Joint Declaration Establishing the Economy and Trade Joint Committee; and Agreement in the Field of Halal Quality Infrastructure.“Others include Cooperation in the Field of Higher Education; Cooperation in the Field of Media and Communication; Cooperation in the Field of Education; Cooperation Between the Republic of Türkiye, Ministry of Foreign Affairs, Diplomacy Academy, and the Federal Republic of Nigeria, Ministry of Foreign Affairs and Foreign Affairs Academy; and Cooperation Between the Republic of Türkiye, Ministry of Social services and the Federal Republic of Nigeria, Ministry of women Affairs and Social Development. These agreements and MOU’s will provide the necessary legal framework for Turkish businesses to operate with confidence in the Nigerian market. These agreements will facilitate a steady increase in trade volume, which has grown significantly as Turkish exporters increasingly view Nigeria as a primary gateway to the African continent.“Beyond the balance sheets, the strength of our economic ties rests on a foundation of mutual trust and cultural exchange. International development cooperation has played a critical role in this regard, with Turkish institutions providing technical assistance and educational support that have enhanced deep interpersonal connections. This “soft power” approach has created a business environment where Turkish investors are not seen as outsiders, but as partners in progress. This cultural resonance is a competitive advantage that simplifies negotiations and facilitates long-term collaborative ventures.”He further noted, “Nigeria is currently undergoing a period of profound structural transformation. The recent implementation of macroeconomic reforms, including the unification of the foreign exchange market and the removal of fuel subsidies, represents a decisive move toward market transparency. While these adjustments initially introduced short-term volatility, current data shows that these reforms are laying the groundwork for a more predictable and efficient regulatory environment, which is vital for long-term capital planning.“The demographic profile of Nigeria presents one of the most compelling investment cases globally. By 2050, Nigeria is projected to be the third most populous nation in the world, offering a vast and expanding consumer market. This burgeoning population, characterized by rapid urbanization and an emerging middle class, creates a massive demand for consumer goods, housing, and services. For Turkish companies in sectors such as fast-moving consumer goods (FMCG), textiles, and home appliances, this represents a unique “frontier market” opportunity where early movers can secure significant market share.“To support this growth, the Nigerian government has prioritized strategic infrastructure projects. The development of the Lekki Deep Sea Port and various Special Economic Zones (SEZs) has created “islands of efficiency” designed to facilitate manufacturing and export. These zones offer significant incentives, including tax holidays and streamlined customs procedures, making them ideal locations for Turkish manufacturing firms. Furthermore, investments in energy and rail networks are addressing the historical infrastructure deficit, thereby reducing the cost of doing business and improving supply chain reliability. The Role of the Nigeria Turkiye Business Council (NTBC).“The NTBC serves as the primary institutional bridge between our two business communities. We facilitate high-level B2B connections, ensuring that Turkish technical expertise is matched with credible Nigerian partners. By organizing trade missions and investment forums, the Council provides a structured environment where entrepreneurs can explore synergies and initiate joint ventures. Our role is to transform high-level diplomatic goodwill into concrete commercial contracts.”Oye, who is also the immediate past Chairman of 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.“For many Turkish firms, the perceived risks of entering the Nigerian market can be a barrier to entry. The NTBC addresses this by providing comprehensive support services, including market entry strategies and thorough due diligence on local partners. In the event of commercial disagreements, the Council offers mediation and dispute resolution services, providing an additional layer of institutional security for foreign investors. We are committed to ensuring that every Turkish enterprise in Nigeria has the support it needs to thrive.“Nigeria’s strategic importance is amplified by its leading role in the African Continental Free Trade Area (AfCFTA). As the continent’s largest economy, Nigeria serves as the natural gateway to the West African region and beyond.“Turkish firms that establish a manufacturing presence in Nigeria can leverage the AfCFTA to export duty-free to a market of 1.3 billion people. This regional hub status provides a comparative advantage that few other markets can match, positioning Nigeria as a central node in the global supply chain.“There is a natural alignment between Turkish industrial capabilities and Nigeria’s developmental needs. Turkish expertise in construction, energy, and manufacturing is particularly well-suited to the Nigerian context, where there is a high demand for high quality yet cost-effective solutions. Success stories of companies like Hayat demonstrate that the “Turkish Model”—characterized by local production and knowledge transfer—is highly effective in the Nigerian market. By investing in local talent and infrastructure, Turkish firms build a “social license to operate” that ensures long-term sustainability.”He added, “While we acknowledge the challenges inherent in emerging markets, the growth potential of Nigeria far outweighs the risks when approached with a sophisticated strategy. The Nigerian government, through agencies like the Nigerian Investment Promotion Commission (NIPC), offers robust institutional support and guarantees for foreign investors. Furthermore, the diversification of the Nigerian economy away from oil dependency is creating new opportunities in agriculture, technology, and solid minerals. Realizing Africa’s potential requires the kind of bold, visionary investment that Turkish enterprises are known for.”Oye concluded, “the partnership between Nigeria and Türkiye has reached a pivotal moment of opportunity. The historical foundation of trust, combined with Nigeria’s bold economic reforms and demographic dividends, creates a compelling case for sustained Turkish investment. The Nigeria Turkiye Business Council remains steadfast in its commitment to facilitating this journey, providing the institutional support necessary for Turkish firms to succeed in Africa’s largest economy.“The window of opportunity is open. Those who recognize the potential of the “New Nigeria” today will be the leaders of the trans-continental economy tomorrow. I invite you all to join us in this endeavor—to invest, to innovate, and to grow together. Let us turn our shared optimism into a legacy of shared industrial success.”