Osinbajo to Vietnamese President: Nigeria Best Place to Invest in Africa

Deji Elumoye in Abuja

Vice President Yemi Osinbajo, yesterday, told the Vietnamese President, Nguyen Xuan Phuc, that Nigeria was the best, most natural destination for investment in Africa, adding that the Socialist Republic of Vietnam could leverage the cherished friendship with Nigeria to gain entry to the vast Nigerian and African markets.

Osinbajo made this declaration in Hanoi at a meeting with Phuc, who also expressed strong commitments to leverage and deepen the existing diplomatic relations and friendship with Nigeria for economic development, especially, in the areas of agriculture, oil and gas, and telecommunications.

According to a statement by the media assistant to the vice-president, Laolu Akande, Osinbajo informed Phuc about his engagements in Hanoi and restated that there was great potential for stronger and more fruitful collaborations between Vietnam and Nigeria.

According to him, “building on our friendship, we are looking forward to a greater number of Vietnamese investments in Nigeria and Africa by extension.”

He re-emphasized the advantage of Nigeria’s membership of AfCFTA, saying Nigeria offered one of the best investment destinations in Africa, some of the best investment conditions in Africa, because among other things, Nigeria was the gateway to Africa.

“We believe that if Vietnam investments come into Nigeria, it will have the potential of penetrating the gates of West Africa and the entire continent.”

The Vice President identified areas of investments for the Vietnamese business community to include renewable energy, solar power plants (in furtherance of international agreements to reduce gas emission by 20%) and telecommunications, noting that Nigeria was a fantastic opportunity for investment.

Phuc, who welcomed Osinbajo to Vietnam, saying “we appreciate  the gesture of you coming from Africa based on our cherished friendship and partnership,” assured the vice-president that further discussions would be held on the aspirations of Vietnamese entrepreneurs investing in Nigeria, especially, in the areas of agriculture, technology, telecommunications, oil and gas, among others.

On agriculture, Phuc specifically said, rice production was one of the strengths of the country, and as such, the collaboration between both countries could enhance Nigeria’s rice production capacity.

Commenting on Osinbajo’s previous meetings with his Vietnamese counterpart and Prime Minister, the president noted that the outcome of the interactions has been good, saying, “we have reached a consensus on many issues, we have a lot of potentials to explore.”