Nigeria and South Africa have fully operationalised the Joint Ministerial Advisory Council on Industry, Trade, and Investment to strengthen economic collaboration between Africa’s two largest economies.
The announcement was made on Tuesday by South African President Cyril Ramaphosa at the Nigeria-South Africa Business Roundtable held in Cape Town.
According to a statement by the Special Adviser to the president on Information and Strategy Bayo Onanuga on Wednesday, the council, initially launched during President Ramaphosa’s state visit to Nigeria in 2021, aims to address trade and investment challenges, align policies, and foster a business-friendly environment in both countries.
President Ramaphosa emphasised the council’s potential to enhance economic ties and create opportunities for businesses on both sides.
“Through the Council, we hope to ensure the efficient resolution of trade- and investment-related challenges,” he said, stressing the need for diversified trade relations beyond oil and gas to promote a more balanced partnership.
At the roundtable, Nigerian President Bola Tinubu assured attendees that Nigeria is open for business, pledging stability, security, and adherence to the rule of law to support thriving enterprises.
Addressing business leaders, government officials, and trade stakeholders, President Tinubu reaffirmed Nigeria’s commitment to creating an enabling environment for South African investors while urging South Africa to reciprocate by fostering opportunities for Nigerian businesses.
“Nigeria and South Africa are co-joined twins tied by the hips not only for survival but for the prosperity of the people,” Tinubu said.
He highlighted Nigeria’s ongoing economic reforms, which he described as stringent but essential, and expressed optimism about their impact.
“You have no better investment than in Nigeria. You cannot earn better on your investments elsewhere except in Nigeria,” Tinubu asserted, inviting foreign investors to explore opportunities in the country.
Both presidents acknowledged the strategic importance of their nations in driving regional prosperity.
President Ramaphosa noted South Africa’s trade deficit with Nigeria, largely due to oil and gas imports, and called for diversification 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,” he said, while recognising the operational challenges businesses face in both countries.
President Tinubu assured that Nigerian officials would work closely with their South African counterparts to implement agreements under the Bi-National Commission and address investor concerns.
Chioma Kalu
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