Reasons Nigeria’s Wooing Spanish Investors, Positioning Economy As Gateway For Europe–Africa Trade

Nigeria has stepped up efforts to attract Spanish investment, presenting its economy as a strategic hub for expanding commercial ties between Europe and Africa.

This position 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 underscored Nigeria’s intention to deepen bilateral economic relations with Spain and encourage long-term private sector partnerships.

Addressing Spanish business leaders, Ambassador Tuggar described Spain as a strategic partner with the strong capacity to serve as a bridge between African and European markets.

He highlighted Nigeria’s ongoing economic reforms aimed at stabilizing the economy, improving macroeconomic coordination, and accelerating growth through diversification.

According to the minister, Nigeria’s growth trajectory is increasingly being driven by non-oil sectors, including agriculture, manufacturing, services, technology, and global business services.

He noted that the country’s large population—estimated at over 200 million, with more than 70% under the age of 35—offers a vast market and a dynamic workforce capable of supporting large-scale investment.

Nigeria also emphasized its strategic relevance to Spanish companies as Africa’s largest economy and a natural gateway to West and Central Africa.

Through the African Continental Free Trade Area (AfCFTA), investors operating from Nigeria can access a market of over 1.3 billion people across the continent.

The government stressed its preference for productive, long-term investments that promote technology transfer, value-chain development, and sustainable industrial growth.

Several priority sectors were highlighted as areas of opportunity for Spanish firms. In the energy and gas sector, Nigeria pointed to its extensive reserves and opportunities in liquefied natural gas, power generation, petrochemicals, fertiliser production, and energy transition projects, including major regional gas pipeline initiatives.

Agriculture and agro-processing were also identified as key areas, with opportunities in mechanization, food processing, cold-chain logistics, and export-oriented agribusiness.

Infrastructure development featured prominently in the discussions, particularly public–private partnerships in transport, logistics, and industrial zones.

Nigeria further presented itself as an emerging hub for Business Process Outsourcing (BPO), citing its young, English-speaking, and digitally skilled workforce as a competitive advantage for European companies seeking cost-effective service delivery.

Technology, fintech, digital infrastructure, creative industries, and professional services were also listed as fast-growing sectors.

On migration, Nigeria reiterated its commitment to structured and legal labour mobility, stressing that it does not support irregular migration.

The country commended Spain’s circular migration framework, noting that properly managed labour mobility can support business needs, reduce irregular migration, and strengthen bilateral trust.

Nigerian officials also outlined ongoing policy reforms aimed at improving the ease of doing business, strengthening regulatory transparency, and protecting investors.

They assured potential investors of incentives, sector-specific support, and expanding infrastructure while emphasizing the role of diaspora- and skills-based investment in linking global expertise with domestic opportunities.

Nigeria invited CEOE to play a catalytic role by encouraging Spanish companies to establish production and service operations in the country, support joint ventures and small and medium-sized enterprise partnerships, and help reshape Europe–Africa economic relations around mutual benefit.

The engagement concluded with Nigeria reaffirming its openness to deeper economic cooperation with Spain, inviting Spanish businesses to invest, build, and grow in the country as a platform for sustainable growth, job creation, and long-term value across both regions.