The President of Nigeria indicates willingness to increase trade and investment relations between that country and Spain

The President of Nigeria, Muhammadu Buhari, indicated his willingness to increase cooperation with Spain, as a “major trading partner of Nigeria.” “We are going through difficult times for the global economy, but I have always believed that there is no crisis without opportunity. Increased collaboration with African countries may be what Europe needs to address problems such as the supply chain. We have the opportunity to collaborate in sectors such as infrastructure, agriculture, IT and food,” said the President, while thanking Spain for donating almost four and a half million Covid-19 vaccines to his country.

Buhari made these statements at the Spain-Nigeria Business Forum held during his visit to Spain, and organised by the Ministry of Industry, Trade and Investment of Nigeria, the Spanish Chamber of Commerce, the Secretary of State for Trade and the CEOE.

During the meeting, the Secretary of State for Trade, Xiana Méndez, stressed the consolidation of bilateral relations between Spain and Nigeria in key sectors for the future economic development of both countries. “Since 2015, the ties between our economies have been steadily expanding and we hope that events such as this meeting will help continue and reinforce this trend. The challenge now is to deepen and diversify our economic and trade relations.” “During this visit, we have signed a Memorandum of Understanding which includes strengthened collaboration in sectors such as agri-industry, infrastructure development, the automotive sector, industry, pharmaceuticals, hydrocarbons, textiles, sustainable tourism, renewable and alternative energies, innovation and the digital economy and associated services. Besides this, there is an Agreement for the Promotion and Reciprocal Protection of Investments that has been in force since 2006 and a Double Taxation Agreement since 2015,” said Méndez.

For his part, the President of the Spanish Chamber of Commerce, José Luis Bonet, agreed that “Nigeria is the leading economy in Africa, and there is potential to explore,” as well as “the need for legal certainty” for trade and investment between the two countries to grow. “Private investment can play a major role in the economic recovery following the COVID-19 crisis. We are interested in the process of productive diversification of the country and in this process

Spanish companies can contribute; they have extensive experience in designing, developing and managing equipment and infrastructure projects,” stressed the president of the Spanish Chamber of Commerce.

Also, the President of CEOE International, Marta Blanco, stressed Nigeria’s strategic role in the region, which can be promoted by the African Continental Free Trade Area (AfCFTA), a dynamic element of business relations due to which Nigeria aims to bring together 10% of imports to Africa in 2035. She also stressed that institutional support, as with the signing of the double taxation agreement and the agreement on the promotion and reciprocal protection of investments, helps to reduce uncertainty and create stability in the market, both of which are essential in the current circumstances. She also pointed out the importance of the National Development Plan, given that it offers multiple opportunities for Spanish companies. Finally, she offered the CEOE’s collaboration and follow-up to enhance business cooperation between the two countries.

Following the Business Forum, the Spanish Chamber of Commerce and the Federation of Nigerian Chambers of Commerce (NACCIMA) signed a Memorandum of Understanding (MOU) that seeks to strengthen trade cooperation by exchanging economic information, supporting and promoting business initiatives, holding seminars, forums and fairs, disseminating trade and investment opportunities, as well as mutual cooperation.

Nigeria is Africa’s largest economy, and one of Africa’s leading oil producers. Nigeria and Spain are strategic partners in energy matters; Spain is Nigeria’s third-largest customer. Purchases of oil and gas account for 98% of the value of Spanish imports and the remaining 2% consists of hides and skins, cocoa and rubber and its manufactures. In 2017, it was Spain’s main oil supplier, and is also its largest natural gas supplier, with a 12.6% share.

More information:

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28042 - Madrid

Marta Blanco receives the President of Nigeria, Muhammadu Buhari