Spain has said that the unfavorable economic situation in Nigeria would affect the importation of oil, gas and other products from the country this year compared to last year.

According to the Economic and Commercial Counsellor at the Embassy of Spain in Nigeria, Pablo Segrelles, his country imported products worth 4 billion Euros from Nigeria in 2015 but this will reduce this year due to the decline in the prices of crude oil and the country’s current economic condition.

“Until this year, the volume of trade between Nigeria and Spain was much larger than most people are aware of. In 2015, Spain imported more than 4 billion Euros worth of products from Nigeria. But, this would be less this year because of the fall in prices of oil and the current economic situation. Even at this time of the year, Spain has not imported up to 300 million Euros worth of products from Nigeria,’’ he said.

Segrelles added that Nigeria’s current economic situation is critical for trade and business transactions between the two countries.

He said more Spanish companies interested in trade and investment in Nigeria were being discouraged by the current challenge of foreign exchange but expressed hope that there are tendency for more Spanish companies to take part in long-term trade and investment with Nigeria, for the future.

“The current economic situation in Nigeria is reducing Spanish exports into Nigeria. But I think that in the long-run, there would be a lot of Spanish companies that would do business or invest in Nigeria on long-term basis. We hope that in the long-run, Nigeria’s current economic situation would recover,’’ he told the Nation.

Anita Fatunji