Vietnam-Nigeria Trade Hits $1 Billion in 2024 — Highest in History, Says Ambassador Bui Quoc Hung

Photo source: NAN

Trade relations between Vietnam and Nigeria reached a historic milestone in 2024, hitting an all-time high of $1 billion for the first time. This development was revealed by Vietnam’s Ambassador to Nigeria, Mr. Bui Quoc Hung, during an exclusive interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday.

Ambassador Bui expressed delight at the landmark achievement, noting that the trade volume between the two countries had typically hovered between $500 million and $600 million in previous years.

“It’s 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,” he stated.

The envoy praised the robust bilateral relationship between Vietnam and Nigeria , Africa’s largest economy , describing it as mutually beneficial and full of promise across various sectors.

Bui detailed the primary areas of trade, explaining that Vietnam’s exports to Nigeria include electronic products, garments, and textiles, while key imports from Nigeria consist mainly of agricultural raw materials, particularly cashew nuts

He also highlighted the significant potential for collaboration in agriculture, stating that Nigeria’s food security challenges and Vietnam’s strengths in agricultural innovation present opportunities for strategic cooperation.

“Vietnam has a strong economy, particularly in agriculture, which can significantly contribute to addressing Nigeria’s food security challenges,” Bui said.

Beyond trade and agriculture, the ambassador stressed the importance of strengthening cultural ties between the two nations.

“We need to have more exchanges of delegations and programmes between our specific artist groups or delegations from various countries and in different fields, particularly concerning art and culture,” he added.

Ambassador Bui also revealed that Vietnam and Nigeria will soon commemorate 50 years of diplomatic relations, describing the upcoming anniversary as a perfect opportunity to deepen cooperation across economic, cultural, and political spheres.

With bilateral trade now at unprecedented levels and increasing diplomatic momentum, both countries appear poised to elevate their partnership to even greater heights.

NAN