The Chairman of the Nigeria–Türkiye Business Council (NTBC), Dele Kelvin Oye, has urged Turkish investors to seize emerging opportunities in Nigeria’s fast-expanding economy, describing the country’s estimated $255 billion market size as one of the most attractive entry points for long-term industrial and commercial growth in Africa.
Oye made the call during the Türkiye–Nigeria Business Council Business Summit held at the Marriott Hotel in Ankara, an event convened on the sidelines of President Bola Ahmed Tinubu’s state visit to Türkiye.
The summit brought together policymakers, captains of industry, and investors from both countries to explore new areas of cooperation and deepen bilateral trade relations.
According to Oye, Nigeria’s current economic transformation agenda, combined with its demographic strength and continental trade access, presents Turkish businesses with a rare opportunity to scale operations in Africa’s largest market while positioning for future growth.
Nigeria’s $255bn market offers scale, demand, and long-term returns
At the centre of Oye’s message was Nigeria’s vast consumer and industrial potential, which he described as underpinned by scale, demand depth, and reform momentum.
He noted that Nigeria’s gross domestic product, estimated at about $200 billion, alongside a stock market capitalisation of roughly $54 billion, provides a solid foundation for capital formation, portfolio investment, and industrial expansion.
Beyond current figures, Oye said Nigeria’s long-term trajectory remains compelling, with projections indicating the economy could reach $1 trillion within the next decade.
“The Nigerian market is not just large; it is dynamic,” Oye said. “It offers investors the rare combination of population scale, industrial demand, and reform-driven opportunity.”
He added that Nigeria’s youthful population—projected to become the world’s third-largest by 2050—creates sustained demand across sectors such as manufacturing, construction, fast-moving consumer goods, energy, housing, logistics, and digital services.
For Turkish investors seeking scale beyond saturated markets, Oye argued that Nigeria’s size allows businesses to achieve economies of scale faster than in most African economies.
AfCFTA strengthens Nigeria’s appeal as a regional hub
Oye further highlighted Nigeria’s strategic role within the African Continental Free Trade Area (AfCFTA), describing it as a game-changer for foreign manufacturers.
Under AfCFTA, companies with production bases in Nigeria can access a duty-free market of over 1.3 billion people across Africa. This, he said, effectively transforms Nigeria into a manufacturing and export hub for West and Central Africa.
“Establishing operations in Nigeria is not just about serving the local market,” Oye explained. “It is about gaining a launchpad into the entire African continent.”
He noted that Nigeria’s leadership role within AfCFTA strengthens policy alignment and positions the country as a natural gateway for regional trade flows.
Stronger Nigeria–Türkiye ties boost investor confidence
The NTBC chairman said the evolving relationship between Nigeria and Türkiye has matured into a multi-sector partnership, supported by a growing number of bilateral agreements and memoranda of understanding.
These agreements, signed during President Tinubu’s visit, cover areas including trade facilitation, investment protection, infrastructure development, and industrial cooperation.
According to Oye, they provide Turkish investors with stronger legal and institutional safeguards when operating in Nigeria.
He added that the agreements are expected to improve trade volumes, reduce regulatory uncertainty, and strengthen dispute resolution mechanisms—key considerations for long-term investors.
“The diplomatic framework is now better aligned with business realities,” Oye said. “This is the right time for Turkish companies to expand their footprint in Nigeria.”
Economic reforms reshape Nigeria’s business environment
Oye acknowledged that Nigeria’s recent macroeconomic reforms—particularly the unification of the foreign exchange market and the removal of fuel subsidies—initially created volatility across the economy.
However, he said these measures are already laying the groundwork for a more transparent, market-driven, and predictable business environment.
“These reforms are difficult but necessary,” Oye noted. “They are correcting long-standing distortions and creating clearer price signals for investors.”
According to him, greater transparency in the FX market and reduced fiscal leakages are critical steps toward restoring investor confidence and improving Nigeria’s competitiveness.
Infrastructure investments reduce cost of doing business
The NTBC chairman also pointed to Nigeria’s expanding infrastructure base as a key enabler for foreign investment.
He cited projects such as the Lekki Deep Sea Port, Special Economic Zones, and industrial parks, which offer incentives including tax holidays, simplified customs procedures, and improved logistics.
He also referenced ongoing investments in power generation, rail transport, and road networks aimed at reducing operational costs for manufacturers.
“These assets are designed to support large-scale industrial activity,” Oye said, adding that infrastructure remains central to Nigeria’s industrialisation strategy.
NTBC bridges gap between diplomacy and commerce
Oye stressed that the Nigeria–Türkiye Business Council plays a critical role in translating diplomatic goodwill into concrete commercial outcomes.
According to him, the council supports Turkish investors through market-entry advisory, business-to-business matchmaking, policy advocacy, and dispute resolution, ensuring smoother operations within Nigeria’s regulatory landscape.
“Our mandate is to make Nigeria understandable and accessible to Turkish businesses,” he said. “We help investors navigate policy, partners, and opportunities.”
Looking ahead, Oye said Turkish investment is particularly well-suited to Nigeria’s manufacturing, construction, energy, and non-oil sectors, which align with the federal government’s diversification agenda.
He concluded that Nigeria’s reform momentum, demographic growth, and strengthened bilateral relations with Türkiye create a compelling case for sustained Turkish investment.
“The fundamentals are aligning,” Oye said. “Those who enter early will be best positioned to benefit from Nigeria’s next phase of economic expansion.”
