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Following the Arab Spring, Nigeria’s export of oil and gas to Portugal increased
significantly. The balance of trade between both countries remains heavily in favour
of Nigeria. However, Nigerian exports are mainly crude oil and natural gas, and not
manufactured goods. The Embassy has been encouraging Portuguese companies to venture
into the Nigerian market on mutually-
The negotiation of outstanding bilateral agreements, especially those on the Avoidance
of Double Taxation and Bilateral Air Services, would help consolidate the Embassy’s
effort in promoting Nigeria as another destination for Portuguese companies wishing
to expand. The entry of the Portuguese payments system company, SIBS International,
into the Nigerian economy, in partnership with the Nigeria Inter-
Embassy Economic Events
The Embassy and the NPFBA participated in some economic events. The focus of the
Embassy’s participation was aimed at sensitizing Portuguese investors and businessmen
of the potentials of the Nigerian market and economy, with particular emphasis on
investment rather than mere trade. Some of the events were:-
a) Exponor in Porto (November 2014) – This was an event organized by the Porto Chamber of Commerce to expose Portuguese businesses to foreign markets. The Embassy obtained an exhibition stand and a presentation on the Nigerian market was given by Minister II.
b) Portugal Exportador in Lisbon (November 2014) – This was just like the Exponor, but organised by the Lisbon Chamber of Commerce. Although no presentation was given, the Embassy used the opportunity to embark on trade exhibition, through the use of leaflets and brochures on economic opportunities in Nigeria which resulted into increased trade inquiries from Portuguese companies.
d) NPFBA Trade Mission to Lagos, Nigeria (March 2015) – As a follow-
On 3 March 2015, the companies participated in business meetings at the Lagos Chamber
of Commerce and Industry and there were several other business-
Some Portuguese Companies that Started Business with Nigeria:-
Notwithstanding the economic meltdown in Portugal which necessitated a bailout from
the ‘Troika’ of the EU, ECB and IMF, Portugal has finally exited the enforced austerity
measures in May 2014, after paying back a part of the loan. Some Portuguese companies
have therefore started business relationships with many countries including Nigeria
a) SIBS International has opened an office in Lagos, Nigeria, in partnership with NIBSS for the improvement of international payments systems in Nigeria.
b) Ricogado, an animal feed company owned by former Vice President, Abubakar Atiku, was established in 2014 in Yola. It has since started production and has the intention to expand all over Nigeria. The company started after the former Vice President visited Portugal in 2013, for discussions with the Portuguese technical partners who are running that aspect of the company.
c) Dangote Nigeria Plc is in partnership with Zagope Ltd of Portugal, for the provision of skilled manpower for its operations in Nigeria, especially the construction of a refinery at Lekki.
d) Technilab, a Portuguese company that deals in water-