The government of Turkey has set aside the sum of N594 (€2billion) as loans for Nigerian entrepreneurs to facilitate trade relations between both economies.

Executive Chairman of the Nigeria-Turkey Chamber of Commerce and Industry, (NTCCI), Dr Eze Eche Hyacinth, who dropped this hint weekend in Abuja, also disclosed that the loan would attract a single digit interest rate of 3.4 per cent for individual entrepreneurs.

Hyacinth said the loan could be accessed from the Exim Bank of Turkey through the Guaranty Trust Bank, Stanbic IBTC Bank and Access Bank Nigeria Plc in Nigeria.

The NTCCI boss, who regretted that about €400million budgeted for similar assistance last year was not accessed by any Nigerian, assured that the chamber would intensify efforts to raise more awareness on the offer this year.

Hyacinth further explained that the loan was targeted at bolstering the nation’s economy in the areas of agriculture, mining, machinery, and infrastructure.

He informed that a business plan that must involve Turkish technical partner for guidance and easy assessment was one of the prerequisites for assessing the loan which has a 10 -year repayment timeline.

According to him, the chamber has been collaborating with the Economic Desk of the Nigerian Embassy in Turkey to promote investment and trade relations between both countries.

While also disclosing that the Minister of Industry, Trade and Investment, Dr Olusegun Aganga, would lead a team of experts and stakeholders to the Nigeria- Turkey business forum slated for Ankara in Turkey from March 23 to 29, Eche said that the chamber was ready to provide institutional framework meant to increase investment and trade relations between both countries.

adding that the forum would provide a platform for excellent business networking and new business contacts with investors, 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 realisation 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.

He said the week-long forum, also involves 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.


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