- VP Yemi Osinbajo spent most of his time in Vietnam marketing Nigeria as an investment destination in Africa
- The vice president wooed southeast Asian investors and entrepreneurs in agri-business, tech and innovation, commerce and industry in the country
- Osinbajo was in Vietnam for a four-day state to further bolster Nigeria-Vietnam economic ties as business partners
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Hanoi - Nigeria is the best, most natural destination for investment in Africa and the Socialist Republic of Vietnam can leverage the cherished friendship with Nigeria to gain entry to the vast Nigerian and African markets, according to Vice President Yemi Osinbajo, SAN.
Laolu Akande, spokesman of the vice president in a statement sent to Legit.ng on Thursday, December 8, said Prof. Osinbajo made the assertion at his meeting with Vietnamese President Nguyen Xuan Phuc.
According to the statement, President Phuc also expressed strong commitments to leverage and deepen the existing diplomatic relations and friendship with Nigeria for economic development, especially in the areas of agriculture, oil and gas, and telecommunications.
Both leaders were said to have interacted in what was a very friendly and warm encounter when Prof. Osinbajo paid a courtesy call on the president as the VP wrapped up a 3-day official visit to Vietnam.
Part of the statement read:
“The Vietnamese leader had come outside the building to personally receive the vice president and held his hand as they both walked inside the presidential palace.
“At the end of the meeting, President Phuc again escorted the VP outside and this time went all the way to see him to his car and waved as the VP’s convoy drove off.”
The VP had in the first two days of his visit held talks with his counterpart, Madam Vo Thi Anh Xuan, and Prime Minister, Phạm Minh Chính.
He also met the Vietnamese business community under the auspices of the Vietnam Chamber of Commerce and Industry (VCCI), visited the Vietnam Academy of Agricultural Sciences, the FTP University and its software firm.
He also interacted with representatives of the Nigerian community in Vietnam.
On Tuesday, December 6 while speaking at the VCCI, Prof. Osinbajo said:
“Apart from being the most populous country in Africa, Nigeria also has the continent’s largest economy, accounting for over 20% of continental GDP.
“The Nigerian private sector has undertaken large path-breaking investments in the country in agriculture, manufacturing, petrochemicals, finance, telecommunications and the digital economy.”
In terms of market viability, Prof. Osinbajo noted that Nigeria continues to rank very high.
In the tech space, the VP said:
“Between 2015 and last year, 6 Nigerian tech-based companies have been certified as unicorns. These are companies valued at over a billion US dollars each.
“Nigeria is also now home to over 200 stand-alone FinTech companies, plus a number of FinTech solutions offered by banks and mobile network operators as part of their product portfolio.
“Between 2014 and 2019, Nigeria’s bustling FinTech segment raised over $600 million in funding and attracted a quarter of the almost $500 million raised by African tech startups in 2019 alone.”
He stated further that:
“The creative sector which employs over 4 million people and has the potential to add 2.7 million by 2025, is ranked the second largest employer of labour after the agricultural sector.
“We are on course to become the 3rd largest national market, based on headcount by the year 2050. We are already the largest financial market in Africa with a market capitalization in excess of US$50 billion as of the end of last year.”
And in his conversation with the Vietnamese leader, the Vice President informed President Phuc about his engagements in Hanoi and restated that there is great potential for stronger and more fruitful collaborations between Vietnam and Nigeria.
On his part, President Phuc welcomed the VP to Vietnam, saying:
“We appreciate the gesture of you coming from Africa based on our cherished friendship and partnership.”
He assured the VP that further discussions would be held on the aspirations of Vietnamese entrepreneurs investing in Nigeria, especially in the areas of agriculture, technology, telecommunications, oil and gas, among others.
VP Osinbajo holds bilateral talks with Vietnamese Prime Minister
Recall that Osinbajo declared that Nigeria's friendship with the Southeast Asian country could yield much more beneficial fruits for the 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 solid 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 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 President Olusegun Obasanjo visited.