Nigeria To Deepen Economic Ties With Spain On Investment

Nigeria has reaffirmed its commitment to deepening economic ties with Spain, aiming to boost trade and investment for the mutual benefit of both countries.

Indications of this development emerged during an advocacy and high-level engagement meeting between the leadership of CEOE, Spain’s foremost business confederation and a Nigerian delegation led by the Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar.

A statement issued on Thursday by Alkasim Abdulkadir, Special Adviser (Media) to Tuggar, described Spain as a strategic partner and an important bridge between Africa and Europe during the engagement.

Addressing Spanish business leaders, the Minister expressed appreciation to CEOE over its role as the institutional backbone of Spain’s productive economy, while highlighting the growing alignment between Nigeria’s reform-driven economic agenda and Spain’s outward-looking private sector.

The leader of the delegation noted that Nigeria’s economy is steadily stabilising and repositioning through structural reforms, diversification, and stronger macroeconomic coordination.  He added that growth is increasingly driven by non-oil sectors, including agriculture, services, manufacturing, technology, and global services, especially with a population exceeding 200 million, comprising over 70 per cent of a very young demographic.

Nigeria stressed its relevance to Spanish business as Africa’s largest market and a natural gateway to West and Central Africa. It noted that through the African Continental Free Trade Area (AfCFTA), investments anchored in Nigeria can serve a continental market of more than 1.3 billion people.

The country emphasised its preference for productive, long-term capital, technology transfer, and partnerships that deepen value chains, rather than short-term or speculative engagement.

The statement noted that several priority sectors for Spanish investment were highlighted. In energy and gas, Nigeria’s vast reserves underpin opportunities across LNG, power generation, petrochemicals, fertilisers, and the energy transition, including major cross-border initiatives such as the African Atlantic Gas Pipeline and the Trans-Saharan Gas Pipeline.

In agriculture and agro-processing, the Nigerian delegation showcased opportunities that span mechanisation, food processing, cold-chain logistics, and export-oriented agribusiness.

Infrastructure and industrial development were also identified as key areas, particularly through public–private partnerships in transport, logistics, and special economic zones, the statement said.

Nigeria further positioned itself as an emerging hub for Business Process Outsourcing (BPO), citing its young, English-speaking, digitally skilled workforce capable of supporting customer services, shared services, and IT outsourcing for European markets. Technology, fintech, digital infrastructure, creative industries, and professional services were also presented as high-growth sectors.

On migration and labour mobility, Nigeria reiterated that it does not encourage irregular migration, favouring instead structured and legal mobility aligned with labour market needs. It also commended Spain’s circular migration framework as consistent with long-standing West African labour practices. Nigeria assured that if properly managed, labour mobility can enhance business competitiveness, reduce irregular migration flows, and strengthen bilateral trust.

The Nigerian delegation also highlighted ongoing policy reforms aimed at enhancing the ease of doing business, promoting regulatory transparency, and protecting investors. Investors were assured of incentives, sector-specific support, expanding infrastructure, and a strong emphasis on diaspora- and skills-based investment, which connects global expertise with domestic opportunities.

CEOE was invited to play a catalytic role by encouraging Spanish firms to view Nigeria not merely as an export destination, but as a production and services base; by supporting joint ventures and SME partnerships; and by helping shape a more balanced Europe–Africa economic narrative founded on mutual benefit.

Nigeria also declared itself as “open, reform-oriented, and ready for a deeper economic partnership with Spain.”