Reported by Simon Daniel Yusuph l Journalist at Weng Global
The Federal Government has urged Vietnam to work with Nigeria to increase bilateral trade to $2 billion as both countries seek to deepen economic cooperation and mark 50 years of diplomatic relations.
The call comes amid renewed efforts by Abuja and Hanoi to expand commercial ties, attract investment and create stronger links between businesses in the two countries.
According to Nigeria’s Federal Ministry of Information and National Orientation, bilateral trade between Nigeria and Vietnam exceeded $1 billion in 2025. The ministry said both sides are now exploring measures to increase market access, expand investment and promote trade in key sectors.
Nigeria and Vietnam seek stronger economic partnership
The renewed push for higher trade follows a meeting in Abuja between the Permanent Secretary of Nigeria’s Ministry of Foreign Affairs, Ambassador Dunoma Umar Ahmed, and Vietnam’s Ambassador to Nigeria, Bui Quoc Hung, on September 10, 2026.
The discussions focused on strengthening political and diplomatic relations while advancing practical cooperation in trade, investment and other areas of mutual interest.
The engagement is particularly significant because 2026 marks the 50th anniversary of the establishment of formal diplomatic relations between Nigeria and Vietnam.
Nigeria said the two countries intend to use the anniversary to consolidate existing partnerships and identify new opportunities for economic cooperation.
The Federal Ministry of Foreign Affairs said Vietnam is currently Nigeria’s third-largest trading partner in Asia, with bilateral trade surpassing $1 billion in 2025.
Investment opportunities across key sectors
Nigeria is seeking greater Vietnamese investment in areas including agriculture, manufacturing, food processing, mining, renewable energy and textiles.
The Federal Government has particularly emphasised investments capable of increasing domestic production, creating employment, transferring technology and adding value to Nigerian raw materials.
One area highlighted by Nigerian officials is cashew processing. Rather than exporting raw agricultural commodities, Nigeria wants greater investment in processing and manufacturing so that more value can be retained within the domestic economy.
The government also sees Nigeria’s large consumer market and its position within Africa as potential advantages for Vietnamese companies seeking to expand their presence on the continent.
The Ministry of Foreign Affairs said Nigeria could serve as a gateway for Vietnamese businesses seeking access to the wider African market, while Vietnam could provide Nigerian businesses with stronger connections to Southeast Asia and the broader Asia-Pacific region.
Trade expansion requires stronger business links
Officials from both countries have also recognised the importance of private-sector participation in achieving higher trade volumes.
The Nigerian government has encouraged stronger engagement between the chambers of commerce of both countries to facilitate direct business-to-business relationships.
Such cooperation could help businesses identify products with market potential, address trade barriers and develop more sustainable commercial partnerships.
Historical trade data also shows that the relationship has significant room for expansion. Vietnam’s VCCI previously identified Nigeria as an important African commercial market and highlighted opportunities in agriculture, farm-product processing, mining, clothing and construction materials.
More recent discussions between the two governments indicate that both sides are seeking to move beyond traditional commodity trade towards investment and value-added production.
Outstanding agreements under review
The September discussions also covered several bilateral agreements and instruments that are yet to be fully concluded or implemented.
These include cooperation covering agriculture, defence, investment protection, double taxation, consular and visa matters, extradition, trade and investment, South-South triangular cooperation and political consultations.
Nigeria’s Foreign Affairs Ministry stressed the need for clear timelines and effective follow-up mechanisms to ensure that agreements between the two countries translate into measurable outcomes.
The two governments are also considering the establishment and operationalisation of an annual political consultation mechanism between their foreign ministries.
Such a framework would provide a more structured avenue for regular discussions on bilateral and international issues.
Nigeria seeks greater value from trade relationship
The push towards a $2 billion trade target comes as Nigeria continues to pursue broader efforts to expand non-oil exports, attract foreign investment and strengthen economic partnerships beyond traditional markets.
For Nigeria, increasing trade with Vietnam could create opportunities for agricultural producers, manufacturers, exporters and other businesses if market access improves and investment flows into domestic processing.
For Vietnam, stronger commercial engagement with Nigeria could provide greater access to one of Africa’s largest consumer markets and potentially support expansion into other African economies.
The Federal Ministry of Foreign Affairs said both countries are also interested in stronger cooperation within the wider Nigeria-ASEAN relationship. Nigeria’s potential role as a gateway between ASEAN economies and the Economic Community of West African States is part of that strategy.
Why the $2 billion target matters
The proposed increase would represent a significant expansion from the more than $1 billion in bilateral trade recorded in 2025.
However, reaching such a target would depend on more than diplomatic commitments. Greater trade would require businesses in both countries to identify commercially viable opportunities, improve market access, strengthen logistics and resolve practical barriers affecting imports and exports.
Nigeria’s emphasis on local processing is also important. Expanding trade while increasing domestic value addition could help create jobs and develop stronger production chains rather than relying predominantly on the export of unprocessed commodities.
The Vietnamese Embassy in Nigeria has separately been working to strengthen economic diplomacy and business connections. During activities in Lagos in September, Vietnamese Ambassador Le Viet Hoang met with officials responsible for trade promotion and discussed ways to address logistics challenges and increase bilateral import and export activity.
50 years of diplomatic relations
The economic discussions are taking place as Nigeria and Vietnam commemorate five decades of formal diplomatic relations.
Both governments have described the anniversary as an opportunity to review existing cooperation and establish a stronger foundation for the next phase of their relationship.
Beyond trade and investment, the two countries have identified cooperation in defence, agriculture, political consultations, climate change, migration and multilateral affairs as areas of shared interest.
The two sides have also expressed interest in sustained high-level visits and institutional exchanges to maintain momentum in bilateral relations.
What happens next
The immediate focus will be on strengthening business-to-business engagement, improving market access and advancing outstanding bilateral agreements.
Nigeria is expected to continue encouraging Vietnamese companies to invest in domestic production and processing, while both governments work towards creating conditions that can support increased two-way trade.
Whether the $2 billion target is achieved will ultimately depend on the implementation of these measures and the ability of businesses on both sides to convert identified opportunities into actual transactions and investments.
For now, the renewed discussions signal an effort by Abuja and Hanoi to move their relationship from longstanding diplomatic ties towards deeper economic cooperation.
Weng Global – stories beyond borders
Sources
- Federal Ministry of Information and National Orientation — Nigeria, Vietnam Reiterate Commitment to Advancing Bilateral Ties, September 11, 2026.
- Voice of Nigeria — Nigeria, Vietnam Deepen Economic, Political Cooperation, September 11, 2026.
- Vietnam Ministry of Foreign Affairs — report on Vietnamese Embassy activities in Nigeria and efforts to strengthen bilateral trade, September 2, 2026.
- VietnamNet — background on Nigeria-Vietnam trade and business opportunities.
