Oye Charges Turkish Investors to Take Advantage of Nigeria’s $255bn Market

Oluchi

The Chairman of the Nigeria–Türkiye Business Council (NTBC), Dele Kelvin Oye, has urged Turkish investors to take advantage of Nigeria’s estimated $255 billion market size to expand their industrial footprint.

Oye made the call while speaking at the Türkiye–Nigeria Business Council Business Summit held in Ankara, where he highlighted Nigeria’s demographic strength, expanding consumer base and the opportunities created by the African Continental Free Trade Area (AfCFTA).

Nigeria is one of Africa’s most strategic investment destinations, with a gross domestic product estimated at about $200 billion and a stock market capitalisation of approximately $54 billion, providing a strong foundation for long-term capital formation and industrial expansion.

Speaking at the investment summit, Oye further charged the investors to position early to benefit from the country’s projected $1 trillion economy.

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.

Oye, who’s immediate past President of NACCIMA, said Nigeria’s large and youthful population, projected to become the third largest globally by 2050, presents a compelling demand base for manufacturing, consumer goods, energy, housing and services, while AfCFTA provides duty-free access to markets across the continent.

According to him, “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 characterized by a shift from a traditional land-power focus to a more dynamic, maritime, and globally oriented economic strategy.”

He further noted, “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.”

Oye, who is also the immediate past Chairman of OPSN, stated, “The NTBC acts as a vocal advocate for the interests of Turkish investors within the Nigerian policy space. We work closely with government agencies to ensure that the concerns of foreign capital are addressed in the formulation of new regulations. By providing our members with up-to-date information on legislative changes, we enable them to navigate the Nigerian regulatory landscape with greater agility and foresight. This advocacy is crucial for maintaining a business-friendly environment that encourages sustained investment.