Analyst Says Osinbajo’s Visit Will Bolster Nigeria-Vietnam Economic Ties

Analyst Says Osinbajo’s Visit Will Bolster Nigeria-Vietnam Economic Ties

  • The Buhari administration has been consistent in pursuing closer business ties and higher bilateral relations with Nigeria’s trade partners
  • Vice President Yemi Osinbajo, SAN, left Abuja for the Socialist Republic of Vietnam to cement Nigeria's relationship with the Asian country
  • Osinbajo is currently in Vietnam for a four-day state to further bolster Nigeria-Vietnam economic ties as business partners

FCT, Abuja - A public affairs analyst, Seyi Gesinde has declared that Vice President Yemi Osinbajo, SAN, visit to the Socialist Republic of Vietnam will lead Nigeria’s drive to bolster joint economic ties, and open a new vista of opportunity to boost Nigeria’s exports, among other gains.

Gesinde stated that Osinbajo’s visit to Vietnam during this period Nigeria is reshaping its national economic plans to favour local productions is a good idea.

VP in Vietnam
VP Osinbajo discussing with his Vietnamese counterpart during his visit. Photo credit: @NigeriaGov
Source: Twitter

He noted that the exportation of Nigeria's products will fetch more foreign earnings while reducing costs locally to help Nigerians’ personal economies.

According to him, the pressure is on Nigeria to fast-track its economic diversification strategies, hence, the initiative of the Osinbajo-led National Economic Council (NEC) to work around an ambitious zero-oil agenda launched by the government.

He said:

“In projection, what it means is that it will see Nigeria’s external markets increase from $5 billion to $25 billion. Exports are the major target, with the government determined to boost key crops such as rice, wheat, corn, palm oil, rubber, sugar and soya beans.
“This is where the need to further bolster trade between Nigeria and Vietnam becomes so important at this prime time, knowing full well that the Southeastern Asian country depends on these products coming from Africa, especially Nigeria.”

Nigeria-Vietnam export

Gesinde further noted that in 2020, Nigeria’s exports to Vietnam were summed up to $355 million.

Quoting the Observatory of Economic Complexity (OEC), he stated that the main products that Nigeria exported to Vietnam were coconuts, Brazil nuts, and cashews ($158 million), Crude petroleum ($107 million), and other oily seeds ($39.2 million).

He added:

“The data shows that during the last 24 years, the exports of Nigeria to Vietnam have increased at an annualized rate of 31.5%, from $500k in 1996 to $355 million in 2020.”

Market competitiveness

He noted that in 2019, countries that imported more from Vietnam than Nigeria were the United States ($77 billion), China ($49.4 billion), and Japan ($20.4 billion).

In the same year, the countries that imported more from Nigeria than Vietnam were Spain ($4.8 billion), South Africa ($2.17 billion) and Cameroon ($1.21 billion).

He added that:

“Nigeria has to intensify its foreign trade with Vietnam as looking through the comparative advantage, the country is on an upward trajectory, in which it is believed that the visit of Prof Osinbajo to Vietnam will go a long way to expand the business reach of Vietnam in Nigeria.

“Nigeria has to push further its plans to develop the non-oil market, which the government said is progressing, and VP Osinbajo had expressed the government’s commitment towards this direction.
“In essence, Vice President Osinbajo would be setting Nigeria-Vietnam trade on the upward trajectory with his visit to the southeastern Asian country.”

VP Osinbajo holds bilateral talks with Vietnamese Prime Minister

Recall that Osinbajo declared that Nigeria's friendship with the southeast Asian country can yield much more beneficial fruits for citizens of both nations.

Prof. Osinbajo was speaking on Monday evening, December 5 during the State Banquet held in his honour by his Vietnamese counterpart, Madam Vo Thi Anh Xuan, at the International Convention Centre, Hanoi.

He commended Vietnam's remarkable efforts in those sectors and the consistently high GDP growth despite strong global headwinds, which he added 'are worthy of emulation.'

Nigeria, Vietnam to deepen relations, as Osinbajo meets Vietnamese counterpart

Legit.ng had earlier reported that Nigeria and Vietnam plan to work together more, particularly in the areas of digital economy, telecommunications, agriculture and trade, among others, for the mutual benefit of their citizens.

Vice Presidents Osinbajo and Madam Võ Thị Ánh Xuân, his Vietnam counterpart, met on the issue of improved collaboration at the Presidential Palace in Hanoi.

Osinbajo is on a three-day official visit to the southeast Asian nation, the first high-level trip from the presidency since 2005 when then President Olusegun Obasanjo visited.

Source: Legit.ng

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