By Ebele Onuorah

The President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, Dr. Herbert Ajayi, has said that the trade volume between Nigeria and Turkey stood at $1.3 billion (N205.40 billion) as at 2011, an increase of 57 per cent compared to 2010.

Ajayi represented by the Second Deputy National President, NACCIMA, Mr Bassey Edem, at the opening ceremony of Turkish products solo exhibition in Lagos, said the trade statistics revealed that the balance of trade between the two countries was in favour of Nigeria.

“The fact remains that the existence and continuous annual growth in the volume of trade between both countries is a testimony of faith, reliability and confidence both countries have in each other and in their products and services,” he added.

Believing that this meaningful business relationship can still be explored, he stated: “Globally, there is the general acceptance and adoption of trade liberalization policy as a means of enhancing volume and free flow among nations, which has made the world economy to become a global village.

“The need therefore for trade and product exhibition by nations to continually showcase their products and services and improve the volume of trade cannot be overemphasized.”

Presently, Nigeria’s main imports from Turkey are clothing, food, engine and automobile parts, and pharmaceuticals, among others while in return Turkey’s imports from Nigeria include sesame seeds, raw and semi-processed leather and rubber among others.

Meanwhile, the Turkish Ambassador to Nigeria, Mr Alli Kiksal, has emphasized the increase on the bilateral trade volume between the two countries, saying that “2011 figures show that we have 57 per cent increase compared to 2010, favouring both countries and with the volume now exceeding $1.2 billion.”

According to him, Turkey also has become an attractive country for foreign investors, adding that during the last 8 years, the total inflow of foreign direct investments has reached $94 billion.