Spain and Nigeria
Spain and Nigeria maintain political consultations and an energy relationship important to Spain. In January 2026, their foreign ministers addressed new investment, employment and African cooperation opportunities, continuing consultations held in 2023 and 2025.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
Yusuf Tuggar participated as a guest in Spain's Ambassadors Conference and met José Manuel Albares in Madrid on 8 January 2026.
What merchandise trade shows
In 2025, goods trade between Spain and Nigeria totalled 5,136.8 million current USD.
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Spain to Nigeria, at 73.3 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 5,136.82 M USD | 2025 · Comtrade |
| Goods: Spain to Nigeria | 395.94 M USD | 2025 · Comtrade |
| Goods: Nigeria to Spain | 4,740.88 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Spain to Nigeria | ||
| Export share: Nigeria to Spain | ||
| Investment stock: Spain in Nigeria | ||
| Investment stock: Nigeria in Spain |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade · Goods; full calendar year; reporter ESP. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
- Goods: Spain to Nigeria
- 2025 · UN Comtrade · Goods; full calendar year; reporter ESP. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
- Goods: Nigeria to Spain
- 2025 · UN Comtrade · Goods; full calendar year; reporter ESP. Both directions come from the same verified customs document, not from adding mirror declarations together. Exports generally FOB; imports generally CIF.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Spain | Nigeria |
|---|---|---|
| Nominal GDP | 1.91 trillion USD2025 · WB | 290.79 billion USD2025 · World Bank |
| GDP per capita | 38,627.25 USD2025 · WB | 1,224.25 USD2025 · World Bank |
| GDP growth | 2.82 %2025 · WB | 4.01 %2025 · World Bank |
| Policy interest rate | 2.5 %2026-09-16 · BCE | |
| Inflation · annual average | 2.7 %Annual average · 2025 · WB | 23.01 %Annual average · 2025 · World Bank |
| Inflation · latest year-on-year figure | 4.9 %provisionalprovisionalYear-on-year · Sept. 2026 · INE | |
| Unemployment | 10.38 %ILO est.2025 · WB | 3.06 %ILO est.2025 · World Bank |
| Budget balance (% of GDP) | -2.5 %IMF est.2025 · IMF | -1.8 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 100.4 %IMF est.2025 · IMF | 35.5 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 2.94 %2025 · WB | 4.83 %2025 · World Bank |
| Population | 49,355,1432025 · WB | 237,527,7822025 · World Bank |
| Area | 505,976 km²2023 · BM / FAO | 923,770 km²2023 · World Bank |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDSpain: 2025 · World BankNigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.
- GDP per capita
- Current USD per personSpain: 2025 · World BankNigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.
- GDP growth
- Annual real change (%)Spain: 2025 · World BankNigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.
- Policy interest rate
- Central bank instrument (%)Spain: 2026-09-16 · ECB deposit facility; shared euro-area rate · European Central Bank
- Inflation · annual average
- Average annual change in headline CPI (%)Spain: 2025 · Annual average change in CPI (%) · World BankNigeria: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series; observation period, not download date.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedSpain: 2026-09 · Change in headline CPI from the same month of the previous year (%) · Spain's National Statistics Institute (INE) · Published: 2026-09-29 · provisional · Provisional · Advance indicator of headline CPI; final results pending. Not HICP (5.0%) or core inflation (3.1%). Provisional data or an official advance release; subject to revision.
- Unemployment
- % of the labour force; definition used by the stated institutionSpain: 2025 · World Bank · ILO est.Nigeria: 2025 · ILO modelled estimate, percentage of the labour force · World Bank · ILO est. · Official World Bank series; observation period, not download date.
- Budget balance
- General government (% of GDP)Spain: 2025 · IMF — World Economic Outlook · IMF est.Nigeria: 2025 · IMF · IMF est. · IMF WEO general-government estimate. Retains the source’s fiscal year when it differs from the calendar year.
- Gross public debt
- General government (% of GDP)Spain: 2025 · IMF — World Economic Outlook · IMF est.Nigeria: 2025 · IMF · IMF est. · IMF WEO general-government estimate. Retains the source’s fiscal year when it differs from the calendar year.
- Current account balance
- % of GDPSpain: 2025 · World BankNigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.
- Population
- PeopleSpain: 2025 · World BankNigeria: 2025 · World Bank · Official World Bank series; observation period, not download date.
- Area
- Total area in km²; territorial coverage of the sourceSpain: 2023 · Total area, including inland waters; territorial coverage as defined by the source · World Bank · FAONigeria: 2023 · World Bank · Official World Bank series; observation period, not download date.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Spain to Nigeria
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 73.3 M USD2025 · Source |
| Machinery and mechanical appliances | 29.5 M USD2025 · Source |
| Electrical and electronic equipment | 11.7 M USD2025 · Source |
| Vehicles and components | 6.2 M USD2025 · Source |
| Dairy products, eggs and honey | 1.7 M USD2025 · Source |
| Pharmaceutical products | 1.5 M USD2025 · Source |
| Meat and edible offal | 0.355 M USD2025 · Source |
| Metal ores | 0.121 M USD2025 · Source |
Nigeria to Spain
| Product or sector | Value / share |
|---|---|
| Mineral fuels and oils | 4,618.8 M USD2025 · Source |
| Machinery and mechanical appliances | 0.095 M USD2025 · Source |
| Vehicles and components | 0.0355 M USD2025 · Source |
| Pharmaceutical products | 0.00839 M USD2025 · Source |
| Electrical and electronic equipment | 0.00196 M USD2025 · Source |
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | Spain to Nigeria | Nigeria to Spain |
|---|---|---|---|
| 2021 | 7,191.7 | 499 | 6,692.7 |
| 2022 | 9,834.7 | 401.7 | 9,433 |
| 2023 | 6,564.9 | 358.8 | 6,206.1 |
| 2024 | 6,050.9 | 352.1 | 5,698.8 |
| 2025 | 5,136.8 | 395.9 | 4,740.9 |
Connections between people
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Spain living in Nigeria | ||
| Residents from Nigeria living in Spain | ||
| Study and training: Spain in Nigeria | ||
| Study and training: Nigeria in Spain | ||
| Academic stays: Spain in Nigeria | ||
| Academic stays: Nigeria in Spain | ||
| Travel: Spain to Nigeria | ||
| Travel: Nigeria to Spain |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
The scale of both economies
Nominal GDP for Spain is 1,906.5 billion USD (2025), compared with 290.8 for Nigeria (2025). The reference populations are 49.36 and 237.53 million, respectively. In the same year, the economy of Spain was 6.56 times that of Nigeria in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [4] [5] [6] [7]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Bilateral context
Yusuf Tuggar participated as a guest in Spain's Ambassadors Conference and met José Manuel Albares in Madrid on 8 January 2026. Albares proposed a new political consultation round to follow those held in 2023 and 2025. [1]
Cooperation and bilateral issues
The conversation incorporated energy relations and interest in job-creating investment. The statement highlighted Spanish support for Nigeria's entry into the International Maritime Organization Council. Relations also fall within Spain's Africa strategy: its advisory body incorporates Nigerian participation and seeks continued dialogue with continental actors. The ministers addressed regional security and multilateral cooperation matters. Proposed new consultations and investment opportunities were presented as work directions, not business projects already implemented. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Spain and Nigeria) totalled 5,136.8 million current USD. Shipments from the first to the second were 395.9 million; those in the opposite direction, 4,740.9 million. The difference between the two flows was 4,344.9 million, in favour of Nigeria. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
Five years of trade trends
The consistent series shows 7,191.7 million USD in 2021 and 5,136.8 million in 2025. The change between the two endpoints was -28.6 % in current dollars. The highest annual value in the period was recorded in 2022, at 9,834.7 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [2]
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Spain to Nigeria, at 73.3 million USD in 2025. Within the selected chapters, mineral fuels and oils stands out in shipments from Nigeria to Spain, at 4,618.8 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [3]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — ESP-NGA
www.exteriores.gob.es · Institutional source · Accessed: 2026-10-08
- UN Comtrade annual data; reused verified primary payload, not re-downloaded
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- NY.GDP.MKTP.CD; country ISO and year preserved; no military data; exact requested country subset independently re-fetched and values compared
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
- SP.POP.TOTL; country ISO and year preserved; no military data; exact requested country subset independently re-fetched and values compared
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.