Unrecorded trade between Nigeria and Turkey has skyrocketed to $10 billion, according to revelations by Dele Oye, a renowned trade expert and Chairman Nigeria-Turkey Business Council.
This figure is in stark contrast to the official trade volume between the two countries, which currently stands at a mere $1 billion.
The huge disparity between the official and unrecorded trade figures underscores the significant informal economic activities between the two nations.
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The unrecorded trade is believed to be driven by various factors, including the growing demand for Turkish goods in Nigeria and the increasing presence of Turkish businesses in the country.
This massive figure, which has gone largely unreported, underscores the significant informal economic activities between the two nations.
“The $10 billion figure is a conservative estimate,” Dele Oye said while speaking on the importance of President Bola Tinubu’s visit to Turkey.
“The actual value of unrecorded trade between Nigeria and Turkey could be much higher, considering the vast informal sector in both countries,” he added.
Speaking on the potential business opportunities between both countries, Oye agreed that, though, the current balance of trade is not in favour of Nigeria but that there is a huge business opportunities between both countries.
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