Vietnam-Nigeria trade hits $1bn in historic 2024 milestone

Vietnam-Nigeria trade hits $1bn for the first time in 2024, with both countries deepening cooperation in agriculture, diplomacy, and cultural exchange

Vietnam-Nigeria trade hits $1bn for the first time in history, marking a significant milestone in bilateral relations between the two countries, the Vietnamese Ambassador to Nigeria, Mr Bui Quoc Hung, has confirmed.

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Speaking to the News Agency of Nigeria in Abuja on Wednesday, the ambassador described the achievement as “remarkable,” noting that previous annual trade volumes ranged between $500 million and $600 million.

“This is a very remarkable achievement because, in the past, our trade volume typically ranged between 500 and 600 million dollars, and last year, for the first time, it reached one billion dollars,” Bui said.

He attributed the growth to deepening economic cooperation and strong diplomatic ties between the two nations, with Nigeria being Africa’s largest economy.

Vietnam’s key exports to Nigeria include electronic products, textiles and garments, while it imports raw materials, particularly cashew nuts.

We need more exchanges of delegations, especially in arts and culture. It will help strengthen mutual understanding.

Bui said the potential for agricultural collaboration between both countries is significant, especially as Vietnam brings considerable expertise in farming and agro-processing that could aid Nigeria in addressing food insecurity.

“The opportunity for agri-cooperation is huge. Vietnam’s strengths in agriculture can significantly contribute to addressing Nigeria’s food security challenges,” he noted.

The ambassador also underscored the importance of people-to-people ties, urging more exchanges in art and culture between both nations.

“We need more exchanges of delegations, especially in arts and culture. It will help strengthen mutual understanding,” he said.

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Vietnam and Nigeria are set to mark 50 years of diplomatic relations, and Bui encouraged both governments to leverage this milestone to strengthen ties across trade, culture, and diplomacy.