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