Nigeria is intensifying efforts to strengthen its economic relationship with Spain, positioning itself as a strategic bridge between Europe and Africa. The Minister of Foreign Affairs, Yusuf Tuggar, led a high-level delegation to Spain to engage with the Spanish Confederation of Business Organizations (CEOE), highlighting Nigeria’s vast potential for investment and growth.
The key areas of focus for Spanish investment include energy and gas, with opportunities in LNG, power generation, and petrochemicals, as well as infrastructure and industrial development through public-private partnerships. Nigeria is also promoting its young, English-speaking workforce, making it an attractive hub for Business Process Outsourcing (BPO) and IT services.
Other sectors with high growth potential include agriculture and agro-processing, technology, fintech, digital infrastructure, creative industries, and professional services. Nigeria’s large market, with a population of over 200 million, and its strategic location make it an ideal gateway to West and Central Africa, with access to a continental market of 1.3 billion people through the African Continental Free Trade Area (AfCFTA).
The Nigerian government has assured Spanish investors of ongoing reforms to improve the ease of doing business, regulatory transparency, and investor protection. The country is shifting from an oil-dependent economy to a diversified economy driven by non-oil sectors, with a focus on long-term, productive investments and technology transfer.
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