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Nigeria/Portugal laying foundation for formidable economic ties for next 500 years

President Muhammadu Buhari has said Nigeria and Portugal have begun to lay a resilient and formidable economic foundation that could last the next 500 years.

This came as he disclosed that the volume of trade between the two countries in the last 25 years was about $1 billion before the outbreak of COVID-19 in 2020.

According to a release by his spokesman, Malam Garba Shehu, the President in Lisbon, Portugal, called for an increase in the volume of trade with Portugal urging businessmen from that country to diversify into non-oil sectors.

The President, who spoke at an Economic Seminar between Nigeria and Portugal businesses during a State Visit to that country, noted that the two countries were in dire need of new investment opportunities following the devastation on global economies caused by the COVID-19 pandemic and, in recent times, the impact of Russia-Ukraine conflict.

Recalling that the relationship between modern Nigeria and Portugal started over 40 years ago with strong collaborations on the diplomatic and defence fronts, Buhari expressed delight to learn of the increased level of enthusiasm Portuguese businesses have shown towards Nigeria.

Assuring the Portuguese government of Nigeria’s support to her companies wishing to invest in Nigeria, the President recalled that they were the first European voyagers to visit the shores of Nigeria in the late fifteenth century adding that both countries’ culture was interwoven.

 

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