Overview of Vietnam Trade Office in Nigeria

The Vietnam Trade Office in Nigeria is responsible for supporting businesses of all parties to connect and trade, promoting economic and trade cooperation.

History of formation, functions and tasks

In 2001, Vietnam and Nigeria signed a trade agreement granting each other most-favored-nation (MFN) status, creating a favorable basis for trade exchanges between businesses of the two countries.

The establishment of the Vietnam Trade Office in Nigeria has created favorable conditions to promote bilateral trade. Illustrative photo

The establishment of the Vietnam Trade Office in Nigeria in 2006 has facilitated the promotion of bilateral trade. Nigerian businesses have come to Vietnam to explore the market and establish partnerships. Vietnamese businesses have also shown great interest in the Nigerian market.

Nigeria is a country located in West Africa, bordering the Isthmus of Guinea, between Benin and Cameroon. This country is currently the leading important cargo transit point in the West African region with 4 major ports: Lagos, Warri, Port Harcourt and Calabar. Lekki deep seaport is the first deep seaport in Nigeria and is one of the largest and most modern seaports in West Africa.

Nigeria is a member and plays an important role in many regional and international organizations, such as: the United Nations, the Non-Aligned Movement, the Organization of Islamic Countries, the International Monetary Fund (IMF), the Organization of the Petroleum Exporting Countries (OPEC)...

Thanks to the policy of diversifying the economy through investment in agricultural development, telecommunications and services, Nigeria's economy has developed quite dynamically in recent years. In Nigeria's economic structure, agriculture contributes about 20% of GDP annually; industry contributes about 26% of GDP, mainly focusing on areas related to oil and gas exploration and exploitation. However, agriculture and industry have not really developed, forcing the country to import about 90% of goods to serve domestic production and consumption.

Nigeria's main imports include industrial machinery, information equipment, computer equipment, chemicals, transport vehicles, tyres, capital goods, consumer goods and foodstuffs. Rice is a particularly important import.

On the other hand, oil and gas are huge resources and also the main source of revenue for Nigeria. This is a major exporter of oil and gas in the OPEC. In addition, Nigeria also exports large quantities of raw cashew nuts, cotton, cocoa, iron ore, etc.

With the addition of Ghana, Cameroon, Togo, Chad, Sierra Leone and Liberia, the Vietnam Trade Office in Nigeria is constantly expanding its role to become an important economic bridge in the region.

Many opportunities for economic cooperation between Vietnam and Nigeria

The establishment of the Vietnam Trade Office in Nigeria has contributed to promoting trade activities between the two countries in general and promoting Vietnam's exports to Nigeria in particular.

Nigeria is currently Vietnam's leading trading partner in the West African region and the fifth largest trading partner in Africa. In 2023, the total import-export turnover between Vietnam and Nigeria will reach 565.6 million USD, of which Vietnam's exports to Nigeria will reach 154.3 million USD, up 4.23% compared to 2022, and imports from Nigeria will reach 411.3 million USD, up 32.6%.

Oil and gas are huge resources and major sources of revenue for Nigeria. Illustration photo

Vietnam's exports to Nigeria include raw plastics, machinery, equipment, tools and spare parts, ships of all kinds, textile products, chemicals... These are also items with high import demand in Nigeria.

According to experts, the proportion of Vietnam's exports to Nigeria in recent years has remained modest compared to the total import value of this country. However, there is still much room for Vietnam's goods to increase exports to Nigeria, especially agricultural and aquatic products. The Nigerian market is not too strict on imported goods for production and consumption needs.

Not only accessing the Nigerian market, Vietnamese export goods can also access the markets of countries in the West African Economic Community of which Nigeria is a member when the regulations and standards for imported goods between the markets of these countries are quite similar.

Vietnam Trade Office in Nigeria (Concurrently in charge of Ghana, Cameroon, Togo, Chad, Sierra Leone & Liberia)

Address: House No. 21, The Address Home Estate #1, Castlerock Avenue, Lekki District, CP106104, Lagos, Nigeria

Phone: +234 7018310933

Email: [email protected]

Source: https://congthuong.vn/tong-quan-ve-thuong-vu-viet-nam-tai-nigeria-366755.html