Nigeria has intensified efforts to attract Spanish investment, positioning its economy as a strategic gateway for expanding trade and investment flows between Europe and Africa.
This was articulated during a high-level engagement with the Confederation of Spanish Business Organisations (CEOE), Spain’s leading private sector body, led by Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar. The meeting focused on strengthening bilateral economic relations and promoting long-term private sector partnerships.
Addressing Spanish business leaders, Ambassador Tuggar described Spain as a strategic partner with the capacity to serve as a bridge between African and European markets. He outlined Nigeria’s ongoing economic reforms aimed at stabilising the economy, improving macroeconomic coordination and driving growth through diversification.
The minister noted that Nigeria’s growth is increasingly driven by non-oil sectors, including agriculture, manufacturing, services, technology and global business services. He added that the country’s population of over 200 million—more than 70 per cent of whom are under the age of 35—offers a large market and a youthful, competitive workforce.
Nigeria also underscored its position as Africa’s largest economy and a natural entry point into West and Central Africa. Through the African Continental Free Trade Area (AfCFTA), investors operating from Nigeria can access a continental market of more than 1.3 billion people. The government emphasised its preference for long-term, productive investments that support technology transfer, value-chain development and sustainable industrialisation.
Several priority sectors were highlighted as offering significant opportunities for Spanish firms. These include energy and gas, with prospects in liquefied natural gas, power generation, petrochemicals, fertiliser production and energy transition projects. Agriculture and agro-processing were also identified as key growth areas, particularly in mechanisation, food processing, cold-chain logistics and export-oriented agribusiness.
Infrastructure development featured prominently in the discussions, especially public–private partnerships in transport, logistics and industrial zones. Nigeria also presented itself as an emerging hub for Business Process Outsourcing, citing its young, English-speaking and digitally skilled workforce as a competitive advantage. Technology, fintech, digital infrastructure, creative industries and professional services were further identified as fast-growing sectors.
On migration, Nigeria reiterated its commitment to structured and legal labour mobility, while rejecting irregular migration. It commended Spain’s circular migration framework, noting that well-managed labour mobility can meet business needs, reduce irregular migration and strengthen bilateral cooperation.
Nigerian officials also outlined reforms aimed at improving the ease of doing business, enhancing regulatory transparency and strengthening investor protection. They assured potential investors of incentives, sector-specific support and expanding infrastructure, while highlighting the role of diaspora- and skills-based investment.
The engagement concluded with Nigeria inviting CEOE to encourage Spanish companies to establish production and service operations in the country, pursue joint ventures and support small and medium-sized enterprise partnerships, as Nigeria reaffirmed its openness to deeper economic cooperation with Spain.
