Nigeria-Vietnam chamber champions climate smart solutions for development

• To tackle food insecurity, youth unemployment

Onome Amuge 

The Nigeria-Vietnam Chamber of Commerce and Industry (NVCCI) has drawn attention to the importance of climate sustainability approaches in addressing food insecurity, youth unemployment, and environmental issues in Nigeria.

The importance of climate sustainability was highlighted at the NVCCI’s quarterly business meeting, held recently in Lagos, Nigeria. The meeting was attended by representatives from both Nigeria and Vietnam, who discussed ways to strengthen trade and development collaboration, and promote climate sustainability, providing an opportunity for the two countries to discuss how to expand economic cooperation and increase bilateral trade and investment. 

The theme of the meeting, “Climate Change, Food Insecurity, and Youth Unemployment: Perspectives, Strategic Visions, and Solutions for Managing Nigeria’s Environmental Challenges,” explored the various challenges facing Nigeria, with a particular focus on climate change and its impact on food insecurity and youth unemployment. The meeting highlighted the need for a comprehensive and collaborative approach to tackling these challenges, with a focus on sustainable development, job creation, and capacity building.

At the meeting, renowned political economist and management expert Pat Utomi delivered a keynote address outlining the urgent need for bold and decisive action to address the challenges of climate change and food insecurity. Utomi stressed the importance of youth empowerment in solving these issues, highlighting the need for a strategic and collaborative approach between the government, private sector, and bilateral partners like Vietnam.

Utomi drew a parallel between Nigeria and Vietnam’s experiences with war and its impact on the countries’ economies. He highlighted his visit to Vietnam, where he saw first-hand the country’s remarkable economic transformation since the end of the Vietnam War. He noted that despite being devastated by the war, Vietnam has managed to rebuild itself into a vibrant and rapidly growing economy.

He suggested that Nigeria could learn from Vietnam’s experience and use it as a model for its own economic development. He also noted that like Vietnam, Nigeria must focus on rebuilding the country’s infrastructure and diversifying its economy beyond oil. 

Pham Van Hung, board chairman, Springfield Inc., and  inventor of Waste to Soil (W2S), an integrated technology for building up a circular economy, delivered a presentation, titled “Toward a Sustainable Circular Agriculture Economy,” in which he outlined the benefits of circular agriculture and its potential to address the sustainability challenges of the agricultural sector.

Hung explained that organic fertiliser can be created by using a variety of waste materials, including farm waste, rubbish from landfills, sewage from wastewater treatment plants, and industrial waste. These materials can be turned into valuable resources that improve soil health and promote sustainable agricultural practices.

He spoke further on his company’s novel industrial design for its Waste to Soil (W2S) complex using a modular design to reduce emissions and promote a sustainable agricultural system.

The W2S founder described the complex’s “Formula Soil” as a synthetic soil that is produced from various types of waste, including industrial waste, organic waste, and sewage sludge. He explained that the waste is pretreated, refined, and reformed using a sophisticated process to create a new resource that is safe and beneficial for the environment. He noted that this circular economy approach is helping to reduce the need for virgin materials, while also providing a solution to the growing problem of waste which needs to be adopted in Nigeria.

In his address, Phuoc Minh, director general, Vietnam Africa Economic Cooperation Alliance, commended the volume of trade between Nigeria and Vietnam. He noted that the two countries have a long history of economic cooperation, and that trade between them has grown steadily in recent years. Minh highlighted the importance of deepening trade relations between Nigeria and Vietnam, and highlighted the potential for further growth in the future.

The director general further noted that Vietnam’s total trade with Africa stands at about $3 billion, suggesting that there is significant potential for bilateral trade to grow even further.

Oye Akinsemoyin, the president of the NVCCI, shared his insights into the prevailing market conditions and potential areas for collaboration. He noted that the Nigerian market has seen a number of visits from Vietnamese investors, who are interested in setting up businesses in the country. In particular, he mentioned a Vietnamese confectionery company that is interested in establishing a presence in Nigeria.

Akinsemoyin also highlighted the importance of deepening economic cooperation between the two countries, and noted that there are many opportunities for both Nigerian and Vietnamese businesses to benefit from the bilateral relationship.

The NVCCI president highlighted the role that the chamber has played in promoting the establishment of a microchip and semiconductor production plant in Nigeria, noting that the chamber has been working to facilitate this project, which has the potential to boost the local economy and create new jobs.

Akinsemoyin also noted that the induction of new members into the chamber at the meeting was an important step towards strengthening the relationship between the two countries. He expressed hope that the new members would contribute to the chamber’s efforts to promote trade and investment between Nigeria and Vietnam.