Unrecorded trade between Nigeria and Turkey has reached a staggering $10 billion, according to Dele Oye, a prominent trade expert and Chairman of the Nigeria-Turkey Business Council.
This considerable figure starkly contrasts with the official trade volume, which is a mere $1 billion.
The wide gap between the recorded and unrecorded trade stats highlights substantial informal economic activities between the two countries.
Several factors drive this unrecorded trade, including a rising demand for Turkish products within Nigeria and an increasing number of Turkish companies operating in the country.
The substantial figure, which remains largely unreported, signifies significant informal economic interactions between Nigeria and Turkey.
Dele Oye indicated, "The $10 billion figure is a conservative estimate," while emphasizing the importance of President Bola Tinubu’s upcoming visit to Turkey.
He noted, "The real value of unrecorded trade between Nigeria and Turkey could potentially be much higher, especially considering the expansive informal sector present in both nations."
Discussing business opportunities between the two countries, Oye remarked that although the current trade balance does not favor Nigeria, numerous business prospects exist for mutual exploitation.
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