Nigeria Set to Strengthen Bi-Lateral Trade With Vietnam -- Allafrica 8 January 2015 The Nigerian-Vietnam Chambers of Commerce and Industry has said that efforts are been made to strengthen bi-lateral trade between the two countries. The chamber said trading activities between the two countries have been on the increase, noting that for instance, the Federal Governments yearly rice import bill from Vietnam has hit about $500 million (N84 billion), while Vietnam also spends about $100 million to import agricultural products such as raw cashew nuts, cassava and oil palm from Nigeria. It explained that Nigeria spends about N365 million yearly on the importation of 2.1 million metric tonnes of milled rice from different countries, such as India, Thailand and Vietnam. President of the chamber, Prince Oye Akinsemoyin, who made this disclosure, said Nigerias imports cover a wide range of commodities, including those of Vietnams strengths such as rice. He listed Vietnams major exports to Nigeria to include rubber, electric and electronic products, footwear, plastics, handicraft and fine art articles and construction materials, while the country imports from Nigeria raw cashew nuts, fruits, cotton and minerals. Basically, Nigeria exports Agricultural products. At the moment, Vietnam is the largest importer of Nigerias raw cashew nuts. Vietnams cashew import from Nigeria is about a $100 million yearly. Nigeria exports agricultural items like cassava with which Vietnam produces starch and raw materials Vietnam imports sea foods from Nigeria, like shrimps, fish, and oil palm, which is processed to palm oil, which goes into local production of creams and cosmetics. Vietnam imports food items like coconut and also beans and fruits from Nigeria, Akinsemoyin stated, noting that Vietnam exports rice to Nigeria and has become one of Nigerias trading partners in rice exportation. He said Vietnams rice export to Nigeria will be about $500 million per annum, while it exports garments, fabrics to Nigeria as well as shoes and fashion accessories, adding that many of the cosmetics companies in Vietnam are looking for distributors in Nigeria. He also noted that Vietnam exports furniture, artifacts and art work for interior décor, noting that many companies from Vietnam are willing to invest in Nigeria. According to him, the chamber is now looking at setting up institutions that will further foster the relationship between Nigeria and Vietnam. We are encouraging investors from Vietnam to make in-road to Nigeria economy. Viettel, a company in Vietnam, is willing to invest $7 billion into the Nigerian Telecommunication sector. Arrangement is already going on to avail them the opportunity to bid for the relevant spectrum to be able to operate as one of the telecom operators in the country. PetroVina is also interested in investing in the Exploration and Production (E&P) sub-sector of the countrys Oil and Gas sector. PetroVina is interested in the upstream and the midstream sectors. We are trying to attract investments that will be able to provide employment for Nigerians. The kind of investors that will be able to have multiplier effects on the Nigerian economy.
Posted on: Tue, 27 Jan 2015 08:23:06 +0000
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