A Review of the Nigerian Energy Industry

Oil drives Nigeria-Spain trade to $8.2bn

24 November 2012, Sweetcrude, Lagos – TRADE volume between Nigeria and Spain has reached $8.2 billion, driven by oil and gas exports from Nigeria.

The higher percentage of the trade accrued to Nigeria, being the highest exporter of oil and gas to Spain.

Nigeria’s export to Spain in 2011 was $8 billion while Spain exported $200 million worth of goods and services to Nigeria within the period.

Speaking during a visit to the Nigerian foreign affairs ministry as part of his tour to West African countries to strengthen Spain bilateral relations within the sub-region, Spanish Secretary of State for Foreign Affairs, Mr. Gonzalo de Benito Secades said bilateral relations between both countries have grown tremendously in the last two years.

“Spain is the forth destination of Nigeria’s export in the world and 14th among countries exporting to Nigeria with Spanish trade volume placed at $200 million in the areas of energy, construction, agriculture and others,” Secades said.

Nigeria’s Minister of State for foreign affairs, Dr. Nurudeen Muhammed, expressed happiness with the relationship between the two countries on economy and security.

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