Nigeria, the African giant

Last Tuesday, October 31, the Exporters and Investors Club held in collaboration with ICEX and with the support of Deutsche Bank a meeting with Tomás Fernández García, counselor of the Economic and Commercial Office of Spain in Nigeria.

Jesús Jiménez, as a member of the board of directors and coordinator of the Africa working group of the Exporters and Investors Club, chaired the meeting with the economic and commercial counselor of Spain in Nigeria.

During the meeting, they discussed in detail the current situation and the business opportunities that the Nigerian economy offers to Spanish companies.

Nigeria is a regional power with the megacity of Lagos, where the prospects for development are clear. An economy that desperately needs to diversify in order not to depend solely on oil prices.

In the last annual cycle, there has been a notable increase in imports, especially energy products, while exports from Spain to Nigeria have fallen by 9.70%.

Putting in place actions to strengthen oil production, resolve domestic challenges with foreign exchange or make infrastructure investments could simplify and boost domestic production and support growth. Given the image of its business sector, the importance of constancy and presence in the country and in business should be emphasized.