Nigerians annually spend about USD500 million (about N90 billion) to import rice from Vietnam, according to the Nigerian-Vietnam Chambers of Commerce and Industry. This is even as Vietnam reportedly spends about $100 million to import agricultural products such as raw cashew nuts, cassava and oil palm from Nigeria.
President of the chamber, Prince Oye Akinsemoyin, who disclosed this recently, said Nigeria’s imports cover a wide range of commodities, including those of Vietnam’s strengths such as rice.
He listed Vietnam’s major exports to Nigeria to include rubber, electric and electronic products, footwear, plastics, handicraft and fine art articles and construction materials, while the country imports from Nigeria raw cashew nuts, fruits, cotton and minerals.
Akinsemoyin said, “Basically, Nigeria exports agricultural products. At the moment, Vietnam is the largest importer of Nigeria’s raw cashew nuts. Vietnam’s cashew import from Nigeria is about a $100 million yearly. Nigeria exports agricultural items like Cassava with which Vietnam produces starch and the raw materials.”—Ships and Ports