Türkiye is a country with a strong economy and is on the way to becomıng one of Afrıca’s leadıng trade partner. The country has an excellent business environment and there are many Turkish companies in Nigeria. This article describes opportunities for Nigerians in particular to start businesses in Türkiye.
There are many ways that you can start your own business as a foreigner in Türkiye: on land, online, or through franchising. Türkiye is the 19th-largest economy in the world, and its economy is growing at an annual rate of about 4 percent. It has a diversified economy and is among the top 20 economies in terms of purchasing power parity. It also has a large industrial base with a growing middle class that demands quality services, products and technology.
In 2022, Türkiye’s Gross Domestic Product (GDP) was $856.85 billion USD while Nigeria’s GDP was $454 billion USD. This means that Türkiye has nearly two times more economic power than Nigeria but they still want to do business with Nigeria. “We’re becoming Africa’s leading trade partner,” Erdogan said on Sunday during a press conference in Istanbul. Well, we should also start taking advantage of this opportunity because it could lead to other opportunities as well! Let me explain why:
The Rich Turkish Economy
There is a lot of money to be made in Türkiye. This means there are plenty of opportunities for entrepreneurs who can provide goods and services that are needed by Turkish consumers.
The rich Turkish economy offers many opportunities for foreign businesses looking to set up shop in Türkiye or expand their existing operations into this growing market:
Stronger Business Environment
Türkiye is a growing economy with a large population, a young and growing middle class and an important regional economic and political power. The country is also part of the global economy, which means that there are many opportunities for international businesses to set up shop here.
The World Bank has predicted that Turkey’s GDP will grow by 4.7% in 2022 and 2.7% in 2023 – this is higher than the average rate of growth for Europe or North America during that time period. Additionally, Türkiye has managed to avoid any major economic downturns since the 2008 financial crisis while other countries have struggled more in recent years due to unstable markets or high inflation rates.
This stability helps make Turkish companies attractive investments because they can plan ahead without worrying about sudden changes disrupting their business plans; it also makes foreign investment easier because investors know what kind of profits they should expect when making decisions about where to put money into companies based out of Turkey rather than investing abroad where things might not be as predictable due to political instability
Biggest Trading Partner of Africa
Türkiye is becoming one of the biggest trading partner of Africa with a total trade volume of more than $10 billion, which accounts for around 10% of the continent’s imports. In addition to this, Türkiye was also the second largest trading partner of Africa after China in 2017.
According to data released by the Turkish Statistical Institute (TurkStat) in June 2018, African countries imported $3.7 billion worth of goods from Türkiye while exporting products worth $2.1 billion into the country in January-May 2018.
Increasing Focus on Turkish Companies in Nigeria
- With a population of more than 180 million, Nigeria is Africa’s most populous country and one of the largest economies in sub-Saharan Africa.
- Turkish companies have been operating in Nigeria for a long time; however, there has been an increasing interest from Turkish companies to expand their activities in this market segment.
- In recent years, many Turkish companies that were previously focused on exports have begun to seek opportunities within Nigeria by expanding their operations or setting up new businesses there. In addition, some big names such as Doğan Group and Yildiz Holding Group have made investments into other sectors such as food processing plants or power generation facilities respectively.
Partnership for African Development
Türkiye has increased its focus on Africa in recent years and is a member of the Partnership for African Development (PAF), which is a forum for African and Turkish leaders to discuss economic and political issues.
In 2004, Türkiye became a member of the PAF, joining other countries including China, France, Germany, India and Japan.
Africa at the Heart of Turkish Foreign Policy
Türkiye’s African ties are strong, with the country enjoying a unique relationship with Nigeria. Turkish companies have invested in mines and other projects across the African continent, including in Nigeria. Türkiye has also played an important role in Nigeria’s oil and gas industries—providing consulting services on energy efficiency and safety standards, as well as equipment manufacturing.
Apart from its economic interests in Africa, Türkiye also has political ones: it has established military bases in Somalia and Tunisia; also maintains diplomatic relations with Eritrea; provides training for Sudanese troops; conducts joint naval exercises with Mauritania; provides logistical support to Libya’s rebels against Gaddafi regime during 2011 Arab Spring protests (this resulted in strained relations between Ankara and Tripoli after Libyan revolution erupted); supports Egyptian Muslim Brotherhood movement since the late 1970s when it was banned under Sadat regime; supports Islamist parties like Ennahda Movement which came into power after Tunisian revolution took place last year but failed one year later when elections took place recently due to internal conflicts within the party leadership
Nigeria-Türkiye Business Council – A Strategic Platform for Bilateral Trade and Investment Relations between Turkey and Nigeria.
The Nigeria-Türkiye Business Council (NTBC) is a strategic platform for bilateral trade and investment relations between Türkiye and Nigeria.
The NTBC was initially organized as an association in order to serve as a platform for the promotion of business relations, economic development, and cooperation between Turkish and Nigerian companies. In its first meeting with Nigerian government officials in Abuja on March 26, 2014, the council was officially recognized by both parties as an organization that would help strengthen ties between their countries.
Conclusion
Türkiye is one of the fastest-growing economies in Europe and Africa. It has a strategic position, being the gateway between Asia, Africa and Europe. This article describes how you can start a business in Turkey and earn income as an expatriate living there.
