The socio-economic and business relationships between Turkish and Nigeria

Nigeria is a country colonized by Britain in 19th century and got its independence in 1960 with the condition of remaining as one of the Commonwealth of Nations. Nigeria is a West African Nation with apopulation of 200 million people. Is a country endowed with many natural resources and at the same time the highest petrol exporter among African countries. Nigeria has also huge amount of Natural Gas. The country has 910.802 km2 of land mass. %49.9 of Nigerians live in urban centres while %51.1 live in village areas. As a result of the fall of petrol prices in 2014 Nigeria’s economy has decreased by -%6.3 and later appreciated a litle bit by %2.7. In 2016 the economy has decreased by -%2.2. The inflation rate in 2015 was %9 while it doubled to %18.8 in 2016. The major challenges of Nigeria’s economic growth are the lack of enough investors, energy bottleneck, bad leadership and inadequate Access to fund for private sector. Another problem faced by the economy of Nigeria is bribery and corruption. Additionally, the Boko Haram crises make foreign investors to run away from the country. The attacks on oil companies, wells and installation in the oil-rich Niger Delta region together with the abduction of foreign nationals have negatively affected Nigeria’s economy. As a result of these poverty and joblessness become the order of the day. Nigeria being rich in petrol and natural gas resources can be said to become Turkey’s strategic business partner. Turkey Nigeria relationship dated back to 1960s. Since this period to date, Turkey and Nigeria cooperated in the areas of economic development, education and defence. There are almost 3 thousand Nigerian studentsstudying in different Universities across Turkey. In 2015 25 thousand Nigerian tourists visited Turkey. In the last years due to the ability of 19 Turkish Universities to be among the best Universities in the world, Turkey has experinced great flood of foreign students. Due to this the review of the economic resources of the two countries will benefit both. In this work Turkey-Nigeria economic relationships would be examined and analysed.