President Muhammadu Buhari on Thursday in Lisbon, called for an increase in the volume of trade with Portugal as well as diversification to non-oil products.
The President spoke at an Economic Seminar between Nigeria and Portugal businesses during his State Visit.
The Nigerian leader said the two countries were in dire need of new investment opportunities.
Buhari cited the devastation on global economies caused by the COVID-19 pandemic and the impact of the Russia-Ukraine conflict.
He recalled that the relationship between modern Nigeria and Portugal started over 40 years ago.
The President said he was excited to learn of the increased level of enthusiasm Portuguese businesses have shown towards Nigeria.
“In the past 25 years, trade between Nigeria and Portugal has more than doubled to over $1 billion by 2020 just before the COVID-19 pandemic.”
Noting that this has been mostly in the oil and gas sector, he called on both nations to collaborate to do more.
Buhari recalled that the Portuguese were the first European voyagers on record to visit the shores of Nigeria in the late fifteenth century.
He announced that the Nigerian government awarded a contract to Mota-Engil, a Portuguese company, to construct a railway to connect Kano to Maradi in Southern Niger Republic.
The President expressed confidence that the partnership will open doors for more Portuguese companies.