Chairman of the Nigeria–Türkiye Business Council (NTBC), Dele Kelvin Oye, has urged Turkish investors to leverage Nigeria’s $255 billion market size to expand their industrial and business footprint.
He also urged the investors to take advantage of Nigeria’s ongoing economic reforms and strategic access to the African Continental Free Trade Area (AfCFTA).
He made the call at the Türkiye–Nigeria Business Council Business Summit in Ankara, the capital city of Turkey, according to a statement seen by Pinnacle Daily on Friday.
“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 characterised by a shift from a traditional land-power focus to a more dynamic, maritime, and globally orientated economic strategy,” Oye, who is the immediate past president of the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), said.
He explained that Nigeria’s position as Africa’s largest economy, with a gross domestic product (GDP) of about $200 billion, offers strong fundamentals for long-term investment and capital formation, with the country on track toward a $1 trillion economy.
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He pointed to Nigeria’s youthful and rapidly growing population, projected to become the world’s third largest by 2050, as a major demand driver for manufacturing, consumer goods, housing, energy, and services.
“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 show 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, characterised by rapid urbanisation 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,” Oye said.
He believes that firms that enter early stand to secure significant market share in an expanding frontier economy.
He also highlighted AfCFTA as a strategic advantage, noting that Turkish companies manufacturing in Nigeria can export duty-free to a 1.3 billion–person African market, positioning the country as a natural gateway to West Africa and beyond.
He added that recent reforms, including foreign exchange unification and fuel subsidy removal, are improving transparency and predictability, while investments in ports, special economic zones, energy, and rail infrastructure are lowering the cost of doing business.
“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”—characterised 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 licence to operate” that ensures long-term sustainability, Oye, who is also the immediate past Chairman of the Organised Private Sector of Nigeria (OPSN), stated.
He stressed that strengthened bilateral agreements between Nigeria and Türkiye now provide a stable legal framework for Turkish investors, while the NTBC continues to offer institutional support, partner matching, and risk-mitigation services.
He submitted that Nigeria’s scale, demographics, reforms, and continental trade access create a time-sensitive opportunity for Turkish investors to participate in Africa’s next phase of industrial growth
Pinnacle Daily reports that 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.
“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. Realising Africa’s potential requires the kind of bold, visionary investment that Turkish enterprises are known for,” Oye added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
