Nigeria, Turkey Trade Hits N623bn

Nigeria, Turkey Trade Hits N623bn

The Ambassador of Turkey to Nigeria, Mr. Ali Rifat Koksal Buyulelci, has said that the volume of bilateral trade between Nigeria and Turkey has increased by 35 per cent to N623 billion in 2012.

He noted that during the last 11 years, between 2001 and 2012, exports of Turkey to Nigeria increased by 45 per cent to $321 million while the imports of Nigeria to Turkey for the same period reached to $76 million.

Buyulelci disclosed this at the Nigeria Cosmetics International Exhibition, in Lagos, noting that the major exports of Turkey to Nigeria for that period were iron and steel bars, electrical machinery, cement lubricants and textile, while the imports of Nigeria to Turkey excluding oil and gas were sesame seeds, rubber, leather, cotton and timber.

Regarding the capacity of cosmetics and personal care sector in Turkey, he said the total production value of the cosmetics and personnel care industry was around $2 billion in 2011, and that the total exports of cosmetics and personnel care products reached $509 million in 2011 from $61 million in 2000. He said that the only thing that will move Nigeria’s economy forward is for the Federal Government to concentrate on infrastructure that would spur growth and development of the economy.

He noted that the government needs to focus on these areas of infrastructure if the country must attract the needed investment that will create jobs. According to him, focusing on these areas of infrastructure does not mean that others are not relevant. But given the scarce resources, government can start with just three infrastructure and monitor them to ensure that objectives are achieved. After this, they can begin to identify another infrastructure and tackle them accordingly.

He added: “Nigeria vast oil resources have been the main engine of growth of the economy for decades now. Nigerians today acknowledge that the oil sector alone cannot help Nigeria to develop rapidly and to achieve its 20:2020 objective of becoming a G-20 economy; Nigeria must tap all of its resources effectively and efficiently.”

Speaking at the event, the Deputy Governor of Lagos State, Mrs. Adejoke Orelope-Adefulire, said that the lack of infrastructural provision has impacted negatively on the country’s economic growth and development. According to her, other developed countries in the world invested in infrastructures which consequently attracted economic productivity and expanding trade and commerce cannot therefore be attained without a sustained improvement in infrastructure stocks.

“Our presence here shows the importance we all attach to the programme, particularly in the cometics industry. This effort will not only have a positive economic effect on the state, but also enhances bilateral trade and promoting international relations. It’s also an avenue to facilitate mutual benefits in the exchange of ideas, networking for expansion and building enduring business partnerships and relationships,” she said.

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