Spain imports N1.38tr products from Nigeria

The Economic and Commercial Counsellor at the Embassy of Spain in Nigeria, Pablo Segrelles, on Tuesday, announced that Spain imported products worth N1.38trillion (4 billion Euros) from Nigeria in 2015.

Segrelles, however, said in Lagos that this year’s economic situation in Nigeria would adversely affect his country’s importation of oil, gas and other products from Nigeria.

“Until this year, the volume of trade between Nigeria and Spain was much larger than most people are aware of.

“In 2015, Spain imported more than 4 billion Euros worth of products from Nigeria.

“But, this would be less this year because of the fall in prices of oil and the current economic situation.

“Even at this time of the year, Spain has not imported up to 300 million Euros worth of products from Nigeria,” he said.

According to him, Nigeria’s current economic situation is really unfavorable for trade and business transactions between the two countries.

Segrelles also said that more Spanish companies that had indicated trade and investment interest in Nigeria were being discouraged by the current challenge of Nigeria’s foreign exchange policy.

The Envoy also expressed optimism that there was the tendency for more Spanish companies to engage in long-term trade and investment with Nigeria, for the future.

“The current economic situation in Nigeria is reducing Spanish exports into Nigeria.

“But I think that in the long-run, there would be a lot of Spanish companies that would do business or invest in Nigeria on a long-term basis.

“We hope that in the long-run, Nigeria’s current economic situation would recover,” he added.

Nigeria established diplomatic relations with Spain in 1960.

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to as the source.