Nigeria will battle the South Americans for a place in the semi-finals at the Mohammed VI Football Complex Pitch 4, Rabat on Sunday.
The Flamingos booked their place in the last-eight after scraping past Mexico 2-1 on Thursday.
Venezuela, on the other hand, stunned one of the pre-tournament favourites Germany 1-0 to reach the quarterfinals.
Busari said it is important for the Flamingos not to underestimate their opponent.
“What I normally say is that every team in the competition is a contender, everyone could be a champion. Venezuela won their game [against Germany], so they are a good side. But Nigeria are too, so on the day it’ll be decided over 90 minutes, and we’ll all give our best,” Busari told FIFA.