The President, Major General Muhammadu Buhari (back), on Thursday in Madrid, extended investment incentives for Spanish investors to strengthen long-term business relations between the two countries.
This, he said, increased cooperation with African countries Nigeria Nigeria could be what all Europe needs to reduce in addressing current and potential supply chain challenges.
Buhari revealed these incentives while addressing a Spanish-Nigerian Business Summit organized by the Spanish Chamber of Commerce and the Department of Industry, Trade and Investment during his 3-day State Visit to Spain.
According to a statement signed by her Special Adviser on Public Affairs, Femi Adesina, the President listed the incentives to include: three to five years of tax holidays for companies in what we see as pioneering industries; tax-free jobs and no restrictions on foreign quotes in our Free Trade Area; large sums of money in agriculture, manufacturing and engineering among others.
The statement was entitled ‘Look beyond the current global challenges to Africa’s opportunities, President Buhari tells investors.’
Buhari also urged investors to look beyond the challenges facing the world but to focus on the opportunities they present. According to him, there are no challenges other than opportunities and solutions.
“At the moment it is a challenging time for the global economy. But I have always believed that there is no problem without the opportunity and the solution. “Increased cooperation with African countries could be what Europe needs to reduce against the current and potential future challenges and improve both our economic opportunities,” he said.
The President added that the trade summit provided ample opportunity to advance trade relations between the two countries, which today are dominated by the oil and gas sector.
“I believe this forum is an excellent platform for establishing and strengthening business relationships, sharing valuable information, and engaging for the benefit of our countries.
“For decades, Spain has been one of Nigeria’s most important trading partners. For example, it is a major Nigerian crude oil exporter. Nigerian exports to Spain stand at $ 4.8bn by 2020 while Spanish exports to Nigeria have risen from $ 97.2m in 1995 to $ 517m by 2020. There is much that can be done to increase the volume of trading and today offers a great opportunity to explore how this can be done. achieved, ”said Buhari.
Therefore, he urged investors at the conference to take advantage of the opportunities offered by the Nigerian market, saying: “We are open to expanding cooperation with Spain and to encourage independent investment, incorporating available investment incentives. Include the following: tax-free jobs and no restrictions on foreign quotes in our Free Trade Areas; major agricultural, manufacturing and engineering grants, among others. ”
He explained that growing relationships with trusted domestic and international partners with well-established networks and understanding of economic and national transformation is one of the identified keys to success in Nigeria.
“Today it offers Spanish businesses a platform to connect with our loyal Nigerian partners. I hope that everyone here will build a relationship that will lead to increased trade and investment between Nigeria and Spain, ”he added.