Nigeria Turkish Trade hit $779m as both Nations strengthen ties!

Nigeria delegation is in Ankara Turkey to attend D8 meetings as well as strengthen diplomatic trade ties between the two nations. Figures shows that Trade between the two countries hit $779m in the first 8months of 2017. President Muhammadu Buhari traveling along with his minister of foreign affairs Geoffrey Onyeama is looking to negotiate improved mutual benefits for the both parties. Turkey exports Engine parts & automobiles, food (Biscuits & Pasta), Pharmaceuticals while Nigeria exports to Turkey Raw & Semi-Processed Leather, Rubber, Sesame Weeds.

Nigeria is also looking to strengthen defence ties with Turkish as the Minister of Defence of both Nations engaged in detailed discussions on counter-terrorism strategies to scuttle to influence of Hezbollah, ISIS who has being proven to be major technical and logistical support for the Boko Haram insurgency in the North Eastern part of Nigeria

With the recent spat of tensions between Germany’s Angela Merkel & Tarcip Recep Erdogan with his failed attempts to join the European Union, his recent calls to German voters to boycott Merkel in the just concluded polls which she won by a tiny margin and had to survive by forming a coalition government, Nigeria might be caught in a crossfire between the Germany, the European Union in Brussels & Turkey especially if political statements are not closely guarded.

In statements by President Buhari, he said “We are very pleased with the progress of the meeting so far and we are going too wait for the details of the meetings between the two countries. We will as a result of the meeting between the ministers and officials of the both countries strengthen rapidly whatever their recommendations are”

President Erdogan said in his remarks that “Nigeria is a global actor in terms of economy, demographics and its peacekeeping records”

Kelvin Emmanuel

About Kelvin Emmanuel

The Oil producing Angola in the Southern part of Africa faces what Nigeria faced 12months ago; a distortion in its exchange rate with a difference between the official markets and the parallel black markets. One dollar through the official window buys you 166 kwanza, while one dollar through the black market buys you 400 kwanza. Nigeria faced the same challenge 12months ago, when the distortion between the official and black markets was as much as the official markets trading at 306 with the parallel market ranging from 450 through to 510. The Central Bank Governor of Angola, Jose de Massano Junior announced in Luanda “We will stop having a fixed foreign exchange, we will adopt a floating regime of foreign exchange”. Angola faces exactly the same challenges and has been applying the exact same responses to an exchange rate crisis like using its foreign reserves that was sitting at $26bn to defend the currency kwanza, with no success so far, even though the external reserves has dropped to $14bn. Angola relies on Oil receipts for 80% of its government revenue, 90% of its inflow and 50% of its GDP. Angola is a $194bn economy that has been growing at an average of 10% on the back of rising oil prices since 2002 when its 27 year old civil war that started in 1975 ended. The state national oil company Sonangol reports that it produces up to 1.8m barrels of crude oil daily, however the government that until now has being led by the family dynasty Jose Eduardo dos Santos until recently when succession saw power transferred to Joao Lourenco, reports that the oil price rout in 2015/2016 that saw prices drop to as low as $28 per barrel caused ripples across the economic structures of the government, upsetting government revenues, its ability to fund its budget, capital project funding, foreign direct investments into the economy as a result of a currency crisis that was driven by the widening of gap between the official and street window of the kwanza, that until now has been pegged in a fixed exchange rate regime to the US Dollar.
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