Nigeria, South Africa set to boost trade and investment

Nigeria and South Africa have completely operationalized the Joint Ministerial Advisory Council on Industry, Trade, and Investment.

This was disclosed today, by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, in a press release.

According to the statement, it aims at improving economic cooperation between the two leading African economies.

President Cyril Ramaphosa of South Africa revealed the decision at the Nigerian-South Africa Business Roundtable, Cape Town, on Tuesday.

On the other hand, President Bola Tinubu reportedly pledged that Nigeria is open for business.

The Nigerian President stated that the country is set to offer security, stability, and the rule of law for businesses to succeed.

Government officials, business leaders, and trade stakeholders were in attendance at the event.

According to source, Tinubu also pledged to resolve the problems preventing South African investors from expanding their companies and franchises in Nigeria.

He urged South Africa to do the same by permitting Nigerian businesses to operate and thrive there.

He gave his word that Nigerian officials will keep working with their South African counterparts to help carry out the Bi-National Commission’s agreed-upon tasks.

The Nigerian President reportedly said: “Nigeria and South Africa are co-joined twins tied by the hips not only for survival but for the prosperity of the people.

President Tinubu said Nigeria is implementing extremely strict constructive economic reforms in order to benefit its citizens and advance African wealth.

He said: “The reforms have begun to see the light of the day.

“You have no better investment than in Nigeria.

“You cannot earn better on your investments elsewhere except in Nigeria”, he added.

During his 2021 State Visit to Nigeria, President Ramaphosa recalled the establishment of the Joint Ministerial Advisory Council on Trade.

Its objectives were to resolve trade and investment issues, promote policy coherence, and establish an atmosphere that would encourage the expansion of businesses in both nations.

“Today, we agreed on the full operationalisation of the Council.

“This will support a conducive environment for improved trade and investment.

“Through the Council, we hope to ensure the efficient resolution of trade- and investment-related challenges”, he said.

He recognized the strategic significance of both countries in their respective regions and the necessity of diversifying economic connections.

This is in order to overcome reliance on oil and gas, as reported.

“South Africa runs a large trade deficit with Nigeria, mainly due to oil and gas imports”.

He went on: “We need to diversify our trade to ensure a mutually beneficial partnership.

“We are greatly encouraged by the presence of South African companies in Nigeria, just as we welcome Nigerian companies in South Africa.

“We do recognise that challenges still exist within our respective operating environments that limit the expansion of investment and sometimes impact on the operations of companies”, he said.

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