Business
Nigeria, Spain’s Trade Hits €7.6bn
The Spanish Ambassador
to Nigeria, Mr Alfonso Barnuevo, has said the volume of trade between Nigeria and Spain increased to 7.8 billion Euro in 2013 from 7 billion Euro in 2012.
Barnuevo said this recently in Abuja at a media briefing on the upcoming ninth Spanish Cultural week.
“We are one of the best clients of Nigeria and 90 per cent of the gas used in Spain come from Nigeria and 30 per cent of the oil used in Spain come from your country (Nigeria).
“Increasingly there are more Spanish companies interested in Nigeria in the fields of engineering, construction, oil sector and food.
“I am sure the presence of these companies would be consolidated in the years to come,’’ he said.
Barnuevo said Spain, the world’s 13th largest economy and E.U’s fifth biggest economy in terms of Gross Domestic Product (GDP), was the third largest EU trading partner to Nigeria in the past three years.
He described the economic change that had occurred in Spain in the last 30 years as enormous.
According to him, in the 1980s Spain was a donor-dependent country, but today it is the 6th largest donor to the UN system.
He said between 2004 and 2011, Spain committed 500 million dollars to promote gender equality, water and conflict resolution around the world through multilateral development organisations.
The Cultural Adviser, Spanish Embassy Abuja, Ms Eva Barta, also told our source that one of the highlights of the cultural week would be the award ceremony for visual arts.
“This year we had about 80 entries and 32 have been shortlisted for the final selection and exhibition,’’ she said.
Barta said in keeping with tradition of previous years, the winner of the arts competition would receive a sponsored trip to Spain with visits to major arts sites and museums.
The prize for the runners-up and the second runners-up is a cash prize of N75,000 and N50,000, respectively, she said.
The Deputy Head of Mission of the embassy, Mr Guillaume Monfort, said the week would also feature Flamenco performance by Anabel Veloso Dance Company.
The Jos Repertory Theatre will also perform a Spanish drama entitled “The Bond of Interest’’.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.