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Vietnam seeks stronger trade, agricultural ties with Nigeria

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The Vietnamese Government has called for deeper cooperation with Nigeria in trade, agriculture, education, and security.

Vietnam’s Ambassador to Nigeria, Bui Hung, made the call on Tuesday in Abuja during events marking the 80th anniversary of the August Revolution and the 80th anniversary of the Ministry of Foreign Affairs of Vietnam.

Hung noted that despite progress in recent years, the growth potential between the two countries remains largely untapped.

According to him, trade between Nigeria and Vietnam reached $1bn in 2024, compared to an average of $600m in previous years.

“Last year was the first time our trade volume hit $1bn, largely because we bought more crude oil from Nigeria.

But oil and gas should not be the focus. I believe agriculture offers more sustainable opportunities,” he said.

The envoy explained that Vietnam currently exports electronics, garments, footwear, and consumer goods to Nigeria while importing cashew nuts and a few agricultural products in return.

He, however, identified barriers to rice trade as a major limitation.

“Vietnamese rice has struggled to enter Nigeria’s market because of very high tariffs, close to 70 percent.

Another factor is taste preference; Nigerians prefer basmati rice, while ours is jasmine and sticky. But globally, our rice is highly demanded, with the US, Japan, and Southeast Asia as major buyers,” he added.

Hung suggested agricultural collaboration as a viable alternative, citing Vietnam’s expertise in rice cultivation.

“We can bring our seeds, technology, and farmers to work with Nigerian farmers. One Vietnamese farmer is already growing rice successfully in Benue State,” he stated.

The ambassador also disclosed that a proposal for a Free Trade Agreement between the two countries had been pending for more than a year.

“By signing such an agreement, we can lower tariffs and improve trade flows. We have done this with Japan, Korea, and many other nations. We are still waiting for Nigeria’s response,” he said.

On security and defence, Hung recalled that military exchange programmes already exist.

“Some Nigerian officers have trained in Vietnam and given very positive feedback about their experience. We are open to expanding this cooperation, including technology transfer,” he said.

He also highlighted education and skills development as key areas of interest.

“Nigerian students are studying maritime, agribusiness, and ICT in Vietnam. We are also open to hosting more students and workers for capacity building, especially in the era of artificial intelligence,” he said.

While acknowledging challenges such as insecurity, Hung expressed optimism about the future of bilateral relations.

“Nigeria has fertile land, abundant water, and a young labour force. With the right cooperation framework, we can build strong ties that benefit both nations,” he concluded.

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BUA Foods declares N13 per share dividend for shareholders

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BUA Foods Plc has announced a dividend of N13 per share for its shareholders following the company’s 4th Annual General Meeting on Thursday in Abuja.

According to a press statement issued after the AGM on Thursday by the Director of Marketing and Corporate Communications for BUA Foods, Adewunmi Desalu, this payout represents a significant 136 per cent increase from the N5.50 paid the previous year.

The dividend was declared after BUA Foods reported a profit after tax of N265.9bn for the 2024 financial year, marking a 137 per cent growth from N112bn in the prior year.

The statement read, “BUA Foods Plc, a frontrunner in Nigeria’s Food manufacturing Industry and the most capitalised Business on the Nigerian Exchange Limited, held its 4th Annual General Meeting in Abuja at the Transcorp Hilton Hotel.

“At the meeting, shareholders approved a dividend of N13 per share, representing a 136 per cent increase from N5.50 paid in the previous year,” the statement read.”

In the statement, the Chairman of BUA Foods, Abdul-Samad Rabiu, expressed gratitude to the shareholders for their unwavering support.

He highlighted the company’s progress in tackling food supply challenges and advancing food security.

“We remained steadfast in our operations and achieved notable progress on key strategic initiatives geared towards addressing food supply challenges and promoting food security,” Rabiu was quoted in the statement.

Rabiu also provided insight into the company’s growth plans, including the expansion of its pasta production facility, which will introduce nine new long-cut pasta lines, doubling the company’s annual capacity.

Also, BUA Foods is set to enhance its flour division with the construction of four state-of-the-art wheat milling plants, significantly increasing its milling capacity.

He further noted that the company’s sugar agricultural project remains on track for completion.

Managing Director of BUA Foods, Ayodele Abioye, attributed the company’s growth to strategic investments in production systems, market penetration, and product diversification.

He emphasised that these efforts had been key to the company’s resilience amid a volatile economic environment.

Abioye also expressed gratitude to shareholders, employees, suppliers, and customers for their roles in the company’s continued success.

The statement also included comments from various shareholders who praised the company’s performance.

The National Coordinator of the Pragmatic Shareholders Association, Mrs Bisi Bakare, commended the Chairman for his leadership and expressed satisfaction with the dividend payout.

The President of the Association of the Advancement of the Rights of Nigerian Shareholders, Dr Faruk Umar, noted BUA Foods’ remarkable growth, citing the company’s N1.5tn revenue as an outstanding achievement.

The President of the New Dimension Shareholders Association, Patrick Ajudua, also lauded the company’s consistent delivery of value to shareholders and encouraged other investors to consider adding BUA Foods shares to their portfolios.

At the AGM, all resolutions were approved by shareholders, including the re-election of directors and the approval of remuneration policies.

The PUNCH observed that in the firm’s 2024 financial results, BUA Foods reported growth across key performance metrics.

The company’s revenue soared to N1.53tn, an increase from N729.4bn in 2023.

The company’s EBITDA margin also improved, rising to 31.5 per cent from 29.6 per cent in 2023.

The company’s earnings per share for the year were N14.78, an increase from the N6.23 recorded in 2023.

Also, BUA Foods reduced its net debt to N360.5bn, down from N551.5bn in 2023. Total assets grew to N1.09tn from N1.07tn the previous year, further highlighting the company’s solid financial standing.

In terms of capital expenditure, BUA Foods allocated N31.6bn for the year, although this was a decrease from the N37.1bn spent in 2023. Free cash flow also decreased to N31.3bn from N99.6bn in 2023.

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EU, Germany, Nigeria unveil €18.3m project to boost agriculture, job

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The Federal Government of Nigeria, in partnership with the Government of Germany and the European Union, officially launched the €18.3m EU-VACE TARED Project on Wednesday.

The project is a four-year initiative aimed at transforming Nigeria’s agricultural sector through climate-smart practices, job creation, and inclusive value chain development.

The EU-VACE TARED (Agriculture Value Chain Facility – Transformative Agricultural Systems for Rural Economic Development) project targets four critical agricultural value chains: cocoa, dairy, tomatoes, and ginger.

The project will run from October 2024 to September 2028 and will be implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH, in partnership with Nigeria’s Federal Ministry of Budget and National Planning, and the Federal Ministry of Agriculture and Food Security.

Seven states — Cross River, Kano, Kaduna, Kebbi, Ondo, Oyo, and Plateau — will serve as implementation hubs for the project, which seeks to enhance food security, promote innovation, and provide economic opportunities for women and youth.

Speaking during the launch, the Minister of State for Agriculture and Food Security, Aliyu Abdullahi, stressed the project’s alignment with the national agenda.

“This project definitely aligns with the Renewed Hope Agenda of President Bola Tinubu, in which food security, poverty eradication, economic growth and job creation, inclusivity, and access to finance are all critical components of that agenda,” he said.

“The EU-VACE TARED project provides us with a unique opportunity to address some of these challenges head-on. It will enhance coordination, promote value addition, and build systems that protect our farmers and consumers,” Abdullahi said.

He also announced the formation of a project steering committee to ensure transparency and alignment with national priorities.

“This steering committee will not just exist on paper. It will be an engine of direction, innovation, and monitoring to guarantee that we can deliver measurable results,” he added.

Minister of Livestock Development, Idi Maiha, highlighted the project’s relevance to Nigeria’s livestock sector and broader agricultural goals.

Maiha stressed the importance of developing the dairy value chain, which he said aligns closely with the Ministry’s Livestock Growth Acceleration Strategy.

“Today, we spend $1.5 billion to import dairy and dairy products into the country. We do believe together we can change the narrative by ensuring that the sector is transformed in such a way that progressively we begin to reduce that level of import by creating local industries, employing people, improving quality of life, creating social harmony, and building peace across the land,” he said.

The Head of the European Union Delegation to Nigeria, Gautier Mignot, said the project is a key component of the EU’s Global Gateway strategy and Team Europe initiative, aimed at boosting sustainable development and economic resilience.

“Nigeria’s agricultural sector is rich with potential, and yet we know that it faces persistent challenges like weak access to funds, climate-related risk, and infrastructure deficit, among others.

“However, perhaps the most urgent challenge is generational, meaning how can we make agriculture attractive, viable, and promising for young Nigerians?” Mignot said.

“Our goal is clear. It is to foster inclusive, climate-smart, and commercially viable agriculture that creates decent jobs, especially for youth and women, while helping to build the next generation of what I would call agripreneurs,” he added.

He confirmed that the EU is investing over “€87m through various agriculture and climate-resilient programmes” in Nigeria, with a broader Team Europe pipeline of nearly €1.5bn in green economy initiatives.

In his remarks, Deputy Head of Mission at the German Embassy Johannes Lehne reaffirmed Germany and the EU’s commitment to Nigeria’s development, describing the project as a strategic investment in the country’s agricultural future.

“This initiative is a testament to our long-standing cooperation with Nigeria,” Lehne stated. “It’s about more than funding—it’s about supporting sustainable development and transforming agri-food systems to create jobs, promote climate-smart farming, and empower local communities.”

The Deputy Country Director of GIZ Nigeria and Economic Community of West African States, Oladoyin Olawaiye, also emphasised the broader social impact of the initiative.

“EU-VACE TARED is about more than agriculture – it is about creating jobs, building resilience, and giving young Nigerians more opportunities to thrive at home.

“Together with our Nigerian and European partners, we are committed to turning challenges into opportunities,” she said.

The EU-VACE TARED project is expected to support smallholder farmers and MSMEs with innovations and skills, improve access to finance and international markets, promote climate-smart practices, and create decent work opportunities for marginalised groups — reinforcing Nigeria’s agricultural sector as a driver of inclusive and sustainable growth.

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NUPENG suspends strike as Dangote accepts union’s demands

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The Nigeria Union of Petroleum and Natural Gas Workers suspended its two-day strike on Tuesday following a meeting with officials of the Federal Government and the Dangote Group, amid fuel supply disruptions in different locations across the country.

The National President of NUPENG, Williams Akporeha, confirmed this to one of our correspondents. After the failure of the Monday meeting, the Ministry of Labour summoned another meeting on Tuesday with more stakeholders in attendance.

Those in attendance included representatives of the Dangote Group led by Sayyu Dantata, officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and others. An agreement signed after the meeting showed that the Dangote refinery agreed to unionise its members.

“Following the threat to embark on industrial action by the Nigeria Union of Petroleum and Natural Gas Workers over the refusal of the management of the Dangote Refinery and Petrochemical Limited to allow their employees to be unionised by registered labour unions, a conciliation meeting was held at the instance of the Minister of Labour and Employment, and it was revealed in the course of the meeting that:

“The management agreed with this fact and responded that they are not averse to the unionisation of their employees by labour unions in tandem with the provisions of the extant labour laws. After exhaustive deliberations, the following resolutions were reached by both parties: That since workers’ unionisation is a right in line with the provisions of the extant laws, the management of Dangote Refinery and Petrochemicals agreed to the unionisation of employees of Dangote Refinery and the unionisation of employees of Petrochemicals who are willing to unionise.

“That the process of unionisation shall commence immediately and be completed within two weeks (9th-22nd September, 2025), and it was agreed that the employer will not set up any other union.

Arising from the strike notice, no worker or employee of Dangote Refinery and Petrochemical will be victimised,” the agreement read.

Parties are to revert to the Minister of Labour a week after the conclusion of the engagement. Based on the MoU, NUPENG agreed to suspend the industrial action with immediate effect.

The MoU was signed by Dangote’s Sayyu Dantata; NUPENG’s Akporeha and his Secretary, Afolabi Olawale; an official of the NMDPRA, OK Ukoha; a director of the labour ministry, Amos Falonipe; and representatives of the Nigerian Labour Congress and the Trade Union Congress.

However, as the strike entered the second day before its suspension on Tuesday, Nigerians in different parts of the country felt the impact as many filling stations were shut. NUPENG had on Friday declared its intention to stop loading fuel this week over allegations that the Dangote refinery planned to ban the drivers recruited for its 4,000 trucks from joining the union.

Recall that the Dangote refinery planned to start direct fuel distribution from August 15 with its 4,000 Compressed Natural Gas-powered trucks. But the scheme was delayed due to a lack of enough ships to bring the trucks to Nigeria. While the refinery is still receiving the trucks as they arrive in Nigeria, the Petroleum Tanker Drivers branch of NUPENG accused the refinery management of anti-labour practices for not allowing its drivers to join the union.

They also accused Alhaji Aliko Dangote of plans to render them useless with his direct fuel distribution scheme. NUPENG President Akporeha on Sunday confirmed that the Federal Government had reached out to the union on the need to avert the strike, but he refused to call off the strike.

Following the inability of the Federal Government to broker peace between NUPENG and the Dangote refinery at the Monday conciliation meeting organised by the Minister of Labour and Employment, Muhammad Dingyadi, the union continued the strike, shutting down depots and some filling stations. The suspension of the strike later in the evening was a relief in areas where its impact was felt.

In states like Cross River and Kaduna, many filling stations were under lock and key on Tuesday, while some adjusted pump prices in Sokoto and Enugu. It was also gathered that vehicle owners engaged in panic buying in parts of Lagos and Ogun States.

The National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, told The PUNCH that “PETROAN members joined the strike on Tuesday, as the Monday meeting with the labour minister yielded no result.” Gillis-Harry, who described the strike as a looming danger, however, appreciated the Federal Government for its prompt intervention.

Fuel supply disruptions

In Calabar, the capital of Cross River, commuters and residents lamented the hike in fares following the fuel scarcity in the state on Tuesday. Commuters said that the fuel scarcity triggered a hike in transport fares, leaving many commuters stranded and frustrated.

Explaining how the fuel scarcity affected transport costs, a resident, Mary Archibong, said, “The fuel scarcity has affected everyone in one way or another. Before now, from Watt to Calabar Roundabout, it used to be N300, but now it’s N500. It is very bad because the drivers are now buying from the black market at N1,500 per litre,” she said.

It was learnt commercial activities in Kaduna were on Tuesday crippled as the now-suspended strike forced major filling stations in the metropolis to shut down their operations. A visit to several parts of the state capital revealed that virtually all major filling stations had locked their gates, leaving motorists and residents stranded.

At the Barnawa area in Kaduna South Local Government Area, Future View Filling Station and the NNPC Mega Filling Station along Aliyu Makama Road were under lock and key. Residents expressed frustration as the strike entered its first day. “I drove around for over an hour looking for fuel. Nowhere is selling,” lamented Musa Lawal, a commercial tricycle operator.

The situation was the same across other parts of the city. At the busy Station Roundabout, the AA Rano and Shema filling stations remained shut, while at the Ahmadu Bello Stadium Roundabout, Total, MRS, and the NNPC Mega Station all closed shop. The stations were deserted.

Similarly, the Total and Mobil filling stations along Ahmadu Bello Way and Muhammadu Buhari Way (formerly WAFF Road) were not dispensing fuel when our correspondent visited.

Some motorists who managed to find fuel at smaller independent stations complained of arbitrary price hikes. A motorist, Sani Ibrahim, told The PUNCH that he bought fuel at N950 per litre, up from N860 the previous day.

In Enugu, commuters were stranded on Tuesday due to fuel scarcity. Many petrol stations closed shops at noon. Motorists were unable to access petrol, so they were left idling on major roads, while some resorted to black-market vendors charging up to N1,500 per litre.

It was observed that busy roads such as Ogui Junction, Abakpa Junction, IMT, Emene, and Holy Ghost were unusually scanty on Tuesday, with few vehicles moving around to pick passengers. The strike led to immediate fare hikes . Buses raised fares from N300 to N500 from Garriki to New Market.

The PUNCH reports that there were long queues in many filling stations across Anambra State on Tuesday, resulting in the sharp increase in transportation fares for both interstate and intrastate movement. The queues built up in some parts of Onitsha, Awka and Nnewi, as only a few filling stations were seen dispensing the product.

As a result, commuters had a hectic time going to their various destinations as commercial transport operators hiked transport fares by over 50 per cent. Many motorists hiked their fares as a result of the development. It was observed that a journey of N200 cost as much as N400, while that of N300 became N600.

In Gombe, fuel prices climbed to between N910 and N1,000 per litre. At a filling station along Gombe-Bauchi Road, an attendant, who pleaded anonymity, confirmed the increment, saying marketers were reacting to “uncertain developments in the sector.”

He added, “We are still selling because supply is steady, but once depots are locked, the price will go up further. That is why our managers adjusted the pump price early.”  Meanwhile, there was not much impact felt in states like Jos, Kano, Zamfara and Ilorin. There was a marginal price increase in Sokoto State.

Speaking on national television earlier on Tuesday, the NUPENG boss, Akporeha, said the union had no choice but to press on with industrial action after Dangote’s management rejected recognised oil and gas unions and allegedly claimed to have a separate association for its workers.

Akporeha alleged that the representative of the Dangote refinery, Dantata, walked out of the Monday meeting when the labour minister told him that the Dangote refinery could not have a separate union for its workforce. The labour leader alleged that the Dangote refinery created an alternative drivers’ association to weaken NUPENG, describing the move as illegal.

He insisted that the law only recognised existing unions such as NUPENG, PENGASSAN and others in the oil and gas sector. While clarifying that strike action was a legitimate industrial tool, Akporeha stressed that dialogue remained open.

“Strikes are part of industrial relations. But under my leadership, it has never been the first option, but no employer has the right to enslave workers,” he said. He dismissed allegations that NUPENG was attempting to sabotage the refinery or frustrate local production.

“Everybody wants Dangote to succeed, including NUPENG. But he must play by the rules. Nigeria cannot afford investors who act like dictators or slave drivers,” he said. On Monday, depots and filling stations were also closed by NUPENG members. The Aradel refinery in Obele, Port Harcourt, was shut. The Kwale Hydrocarbon facility in Delta State was shut.

Checks by one of our correspondents confirmed that activities at petroleum depots were paralysed across the country. NUPENG officials visited the depots on Monday and the early hours of Tuesday to enforce compliance. In various states across the country, especially those in Lagos and Warri, Delta State, drivers parked their trucks to wait for the next directive as far as fuel lifting was concerned.

Our correspondent reports that NUPENG officials shut down some depots to prevent the movement of trucks. The National President of NUPENG, Williams Akporeha, told our correspondent that there was “100 per cent compliance across the nation.” Some members of the union accused Dangote and MRS of having plans to take over their jobs with the recruitment of new drivers.

At Aiteo, RainOil, Shell+, First Royal, MAO, Hensmor, One Terminals, Africa Terminals, Integrated Oil and Gas, and other depots in Lagos, the gates were locked as workers stayed away to comply with the strike action. Also, A&E, Matrix, Parker AY Shafa, and other depots in Warri joined the strike on Monday. The PUNCH reports that with the suspension of the industrial action, loading of fuel is expected to resume on Wednesday.

(Additional reports by: Raphael Ede, Ikenna Obianeri, Chima Azubuike, James Abraham, Hussaini Ibrahim, Maiharaji Altine, Animasahun Salman, and Dare Akogun)

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