A significant business roundtable will be organized in Abuja by the Embassy of the Socialist Republic of Vietnam together with the Nigeria-Vietnam Economic, Trade, and Cultural Association (NVETCA) On October 30. This gathering is intended to enhance Trade relations and broaden economic collaboration between Nigeria and Vietnam, focusing particularly on sectors such as agriculture, food processing, manufacturing, import/export activities, infrastructure, and information technology. The meeting will be co-hosted by Vietnamese Ambassador Bui Quoc Hung and NVETCA Chairman Ambassador Sani Bako, focusing on enhancing economic cooperation between Nigeria and Vietnam.
As both nations are becoming influential in their respective regional markets, this roundtable offers an important venue for government representatives, business executives, and industry figures to work together on trade prospects and pursue shared objectives. Wale Akintade, the Director of Strategic Communications and Marketing at NVETCA, pointed out the occasion’s significance, stating that both nations must seize the opportunities to cultivate trade partnerships and cooperation that benefit them both. He observed that although diplomatic ties began in 1976, trade activities have mostly centred around a handful of sectors, leaving vast opportunities for widespread economic advancement.
Local production techniques and processing quality will be enhanced.
One of the key topics of discussion at the roundtable is farming, where the two countries have the potential to work together to enhance food output and commerce. Nigeria, endowed with vast natural resources, has much to gain by exporting commodities such as cashews, cocoa, and various other agricultural items to Vietnam. Also, Nigeria could take advantage of Vietnam’s knowledge in Agriculture Technology and equipment, thereby improving local production techniques and processing quality. This will enhance agricultural production and food processing skills, resulting in lasting advantages for the farming industry.
The partnership on energy will also be a key focus, particularly due to Nigeria’s extensive oil and gas resources and Vietnam’s proficiency in renewable energy. Both countries can collaborate to alleviate Nigeria’s energy challenges by fostering a more Sustainable Energy portfolio. By collaborating in traditional and sustainable energy sectors, including solar and wind energy, Vietnam’s expertise can aid Nigeria in shifting to more environmentally friendly energy solutions and lessen reliance on fossil fuels. The discussion will also focus on the enhancement of Infrastructure and the shift towards digital solutions, both of which are vital for Nigeria’s progress.
New market opportunities and jobs will be improved.
Vietnam’s success in technology provides a model for Nigeria’s burgeoning Fintech landscape, which can benefit from lessons in cybersecurity, electronic payment methods, and infrastructure improvement. This could stimulate Innovation in Nigeria’s technology and startup scene, generating employment opportunities, encouraging entrepreneurship, and broadening the market presence of Nigerian fintech offerings. Akintade also highlighted that Vietnam’s vast experience in exporting to countries such as the U.S. and China could greatly benefit Nigeria. Through the synergy of their unique strengths, they can open up new market opportunities, foster job creation, and attain sustainable development.
With Nigeria seeking to enhance its market presence, its expertise in establishing robust global trade connections might be crucial for widening Nigeria’s Export opportunities in essential products like cocoa and cashews, thereby diversifying its Economy and generating additional income. In addition to agriculture and technology, both countries are keen on establishing partnerships in the Manufacturing and processing sectors. Working together with Vietnamese firms may generate employment opportunities and enhance skill development in Nigeria while also offering Vietnamese enterprises access to one of Africa’s most significant markets.
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As the leading organization, NVETCA advocates for enhancing both the economic ties and cultural connections between Nigeria and Vietnam, fostering collaborations that close cultural divides and boost commerce. The group aims to maximize the distinctive assets and strengths of each nation, generating possibilities that showcase the creativity of their citizens. Anticipated participants consist of officials from federal and state governments, representatives from business associations, and industry stakeholders, indicating a wide-ranging interest in the gathering. As Nigeria strives to explore options for economic diversification, this roundtable serves as a crucial venue for strategic partnership.