President Buhari Leads Engagements at Nigeria–Spain Business Forum

By June 2, 2022 NIPC News, NEWS

Madrid, June 2 – Nigerian Investment Promotion Commission’s Acting Executive Secretary/CEO, Mr Emeka Offor accompanied President Muhammadu Buhari as he led an 11-man delegation for a 3-day State visit to the Kingdom of Spain.

As part of activities during the visit, President Buhari alongside key government officials on matters of the country’s economy engaged a group of Spanish and Nigerian Business owners at the Nigeria-Spain Business Forum which took place in Madrid, the Spanish Capital today.

Nigeria’s Minister of Industry, Trade & Investment, HE Adeniyi Adebayo while delivering the opening remarks at the forum stated that it was an excellent platform to express, establish and strengthen business relationships between both countries.

As part of the Commission’s mandate to coordinate investment in the country, NIPC’s Acting Chief Executive and his team led engagements at the business roundtable on Nigeria’s business environment and investment opportunities at the forum, alongside other key senior government officials; including the Group Managing Director, Nigerian National Petroleum Cooperation (NNPC), Mr Mele Kyari; MD/CEO, Oil & Gas Free Zone Authority (OGFZA), Mr Umana Okon Umana; Director-General, National Automotive Design & Development Council, Mr Jelani Aliyu.

Also as part of activities at the forum, a Memorandum of Understanding was signed between the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Spanish Chamber of Commerce, Industry, Services and Navigation.

During this visit both countries have signed other agreements and MoUs to further enhance bilateral relations.

Earlier, while receiving Nigeria’s President, the Spanish head of government, President Pedro Sanchez described Nigeria as a strategic partner, essential for stability and economic growth in Western Africa.

For quite a number of decades, Spain has been one of Nigeria’s most important trading partners.

Tellerreport, a spanish media reports that in 2021 Nigeria was the third country from which Spain bought the most gas (11.4%) only behind Algeria (42.7%) and the US (14.2%). In addition, the US and Nigeria were the countries from which the largest number of shipments have been received, a total of 64 and 51 methane tankers, respectively.

Nigeria’s ambassador to Spain, H.E Amb. Ademola Seriki was also quoted as stating that this is the first visit to Spain by a Nigerian head of state in 17 years highlighting the importance of the visit at this time.

Recall that in 2020 NIPC Intelligence reported that Spain took over from India as Nigeria’s top export destination in the second quarter (Q2) of 2020.

We also reported that GB Foods, a subsidiary of GBfoods Europe (a large Spanish foods group) set up a $14.3m mayonnaise plant in Kebbi State, North Western Nigeria.

Other investors/brands in Nigeria at the Business Forum included AMADEUS, CESPA, Impacto Grupo world, owners of the Ceramika brand, amongst others.