Synced_folder is returning errors with qemu provider on Apple M1 Pro

Vagrant
1

I am trying to setup vagrant with qemu on Apple M1 Pro.
Vagrantfile content:

Vagrant.configure("2") do |config|
  config.vm.box = "oraclelinux/8"
  config.vm.box_url = "https://oracle.github.io/vagrant-projects/boxes/oraclelinux/8.json"
  config.vm.provider "qemu" do |qe|
    qe.memory = "2048"
  end
end

when I run vagrant up, I am getting the following error:

The synced folder type ‘nfs’ is reporting as unusable for

your current setup. Please verify you have all the proper

prerequisites for using this shared folder type and try again

Is there any specific instruction required to be followed in relation to the synced_folder prior to running vagrant?