Turkey backs Nigerian economy with 2bn Euro

Nigeria’s economy is to be supported with a huge sum of 2billion Euros as loan facility from the government of Turkey as part of efforts to boost trade relations and economy of both countries.

In a rare supportive gesture to the federal government to boost her national economy, the government of Turkey has made the loan to attract a single digit interest rate of 3.4% for individual entrepreneur.

Executive chairman of the Nigeria-Turkey Chamber of Commerce and Industry, (NTCCI), Dr. Eze Eche Hyacinth, disclosed this to newsmen in Abuja.

According to him, the loan would be assessed from the Exim Bank of Turkey through the Access Bank Nigeria Plc, Guaranty Trust Bank and the Stanbic IBTC Bank in Nigeria respectively.

Hyacinth, who lamented that about 400million budgeted for similar assistance last year was not assessed by any Nigerian, said the chamber would intensify its efforts to create more awareness on the offer this year.

He explained that the loan was meant to bolster Nigerian economy in the areas of machineries, agriculture, mining and infrastructure, among others.

The NTCCI chairman also informed that factors to assess the loan, which has maximum of 10 years repayment, include business plan that must involve Turkish technical partner for guidance and easy assessment.

Hyacinth said the chamber has been working directly with the Economic Desk of the Nigerian Embassy in Turkey to promote investment and trade relations between both countries.

To further achieve this, he said the Minister of Industry, Trade and Investment, Dr. Olusegun Aganga would lead experts and stakeholders to the Nigeria, Turkey business forum slated for Ankara in Turkey from March 23 to 29.

He said the chamber, was ready to provide institutional framework meant to increase investment and trade relations between the countries.

Hyacinth informed that the forum would discuss excellent business networking; new business contacts with investors and improvement on investments partnership, among others.

He said, “Activities lined up for this event are aimed at promoting private sector interactions and enhancement of investment contents of economic relations between Nigeria and Turkey for the benefits of both countries.

“Again, they are for the realization of our mutual drive for the expansion of the scope of economic interactions, particularly the investment contents of economic relations between both countries”, he explained.

Hyacinth said the week-long forum, which is expected to attract high profile individuals, resource business persons and top business establishments, also involve the Konyan Chamber of Industry; Independent industrialists and businessmen association, MUSIAD; All industrialists and businessmen association, TUMSIAD; Small and Medium Scale Industrial Development Agency, KOSGEB, all of Turkey.

The chairman said the event would declare open by Aganga while the Minister of Agriculture and Rural Development, Dr. Akinwunmi Adesina would deliver a keynote address as well as goodwill messages from some important experts from both countries.

He further informed that the forum would feature several paper presentations, panel discussions, bilateral meetings and trade exhibitions by both countries, among other attractions.