Nigeria is seeking to deepen its economic relationship with Vietnam and has called for bilateral trade between both countries to rise to $2 billion.
The Permanent Secretary of the Ministry of Foreign Affairs, Ambassador Dunoma Ahmed, made the call in Abuja during a reception marking Vietnam’s 81st National Day and the 50th anniversary of diplomatic relations between Nigeria and Vietnam.
Ahmed said trade between the two countries currently stands at more than $1 billion, but noted that Nigeria is looking to expand the figure as part of its broader efforts to grow the national economy.
He urged Vietnam to work with Nigeria towards doubling the existing trade volume, saying stronger economic ties would support the country’s ambition of building a $1 trillion economy.
Over the past five decades, Nigeria and Vietnam have developed cooperation in several areas, including agriculture, trade and investment, defence and multilateral diplomacy.
Ahmed said companies from both countries were already involved in activities contributing to their respective economies, describing Nigeria and Vietnam as important strategic partners in West Africa and beyond.
He said the Nigerian government was committed to widening the relationship and creating opportunities in agro agricultural processing, renewable energy, the digital economy, pharmaceuticals, skills development and manufacturing.
Vietnamese Ambassador to Nigeria, Le Viet Hoang, also pointed to the potential for stronger economic cooperation as both countries celebrate five decades of diplomatic relations.
Hoang described Nigeria as one of Vietnam’s major trading partners in Africa and highlighted commodities such as Nigerian cashew nuts, timber and liquefied natural gas among products exchanged between the two countries.
The ambassador said Vietnam was prepared to share its experience and expertise with Nigeria in high tech agriculture, rice value chains, aquaculture and agro processing, particularly in support of Nigeria’s efforts to strengthen food security.
He further identified telecommunications, infrastructure, innovation, e commerce and financial technology as areas where Nigeria and Vietnam could expand their economic partnership.
The two countries are therefore looking to build on their longstanding diplomatic ties by increasing trade, investment and technical cooperation across a wider range of sectors.
