Nigeria moves to become AfCFTA gateway, signs MoU with Vietnam

The Nigerian government, in a bid to boost trade with Southeast Asia and maximize the African Continental Free Trade Area (AfCFTA) deal, has announced plans to make $336 billion exporter Vietnam use Nigeria as a gateway to entry into the African market.

This was revealed by Vice President Yemi Osinbajo in a statement Monday night following his ongoing state visit to one of Asia’s largest exporters.

The Nigerian government also stated that it will support Vietnam’s pursuit to establish relations with ECOWAS and is prepared to sign, specifically trade and industrial agreements.

Vice President Osinbajo stated that there are great opportunities for cooperation and collaboration between Nigeria and Vietnam, especially in the digital economy space.

  • He said, “We have a growing telecommunications market, possibly one of the deepest penetrations of telecommunications in the developing world. A large percentage of our citizens use telecommunications equipment or devices. Our broadband connectivity has also been greatly improved.

He stressed that Nigeria is the largest economy in Africa and this places the country at the center of the African Continental Free Trade Area (AfCFTA) agreement, which opens up trade in what will become the largest free trade area. of the world.

The news continues after this announcement.

  • “We believe that Nigeria as a gateway to the rest of Africa is strategic, and we hope that with some of the collaborations that we can sign, specifically trade and industrial agreements, we believe that Vietnam will see an opportunity to use Nigeria as a staging post in AFTZ. .
  • “Nigeria will certainly support Vietnam’s quest to establish relations with the ECOWAS Economic Community” He noticed.

The vice presidents of both countries witnessed the signing of a defense cooperation agreement Monday night when Ambassador Hassan Adamu Mammani signed for Nigeria, and for Vietnam, Deputy Defense Minister Snr. Lieutenant General Hoang Xuan Chien.

For the record: the vice president arrived in hanoi, the capital of the Socialist Republic of Vietnam on Sunday, where he planned to meet with senior Vietnamese government officials, including the president, vice president and prime minister. His itinerary also includes the business communities of Nigeria and Vietnam to deepen bilateral relations between the two nations.

Vietnam reported a 19% growth in exports last year as it saw its trade surplus with the United States grow to an all-time high. Vietnam’s total exports amounted to $336.31 billion, while its imports increased by 26.5% to $332.23 billion, resulting in a trade surplus of $4.08 billion.

The news continues after this announcement.

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