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  • Nigeria could become the largest supply of crude to Vietnam

    Feb 4th, 2015

    On 3/2, in Ho Chi Minh City, took place trade conference that Vietnam - Nigeria. Nguyen Duc Thanh, Chairman of the Vietnam Cashew Association, said today, Nigeria is ranked 2nd in the African countries that export raw materials to Vietnam. 2014, Nigeria has exported 106,734 tons of things to Vietnam, accounting for 13.4% of that of Vietnam imported raw materials and 80% of the output of the country. In the past few years, the Vietnam Cashew processing companies and the Nigerian crude exports have overcome many obstacles in business culture and practices of trade, freight forwarding to deal directly with each other. However, trade cooperation between two sides still have some obstacles: Nigerian cashew quality are modest compared to some other African countries such as Ghana, Tanzania payments between buyers and sellers remains difficult; no cooperation mechanism to resolve trade disputes fairly and efficiently. According to him Babatola Faresu, president of the Association Article Nigeria, the country has 84 million hectares of agricultural land, but only 40% is cultivated. So Nigeria has great potential to develop the area, increase the output, which could become the largest supplier of crude output to Vietnam.