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.

At an Economic Seminar between Nigeria and Portugal businesses during his State visit, President Buhari said the two countries were in dire need of new investment opportunities.

The Nigerian leader made reference to the devastation on global economies caused by the COVID-19 pandemic and the impact of the Russia-Ukraine conflict.

President Buhari said he was excited to learn of the increased level of enthusiasm Portuguese businesses have shown towards Nigeria, recounting the relationship between both countries 40 years ago.

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 but mostly in the oil and gas sector.

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.