Nigeria and South Africa have taken a significant step towards strengthening economic cooperation by fully operationalising the Joint Ministerial Advisory Council on Industry, Trade, and Investment.
This development aims to foster greater collaboration between the two leading African economies.
The announcement was made by South African President Cyril Ramaphosa during the Nigeria-South Africa Business Roundtable held on Tuesday in Cape Town. The event brought together business leaders, government officials, and trade stakeholders from both nations.
President Bola Tinubu, representing Nigeria, emphasized the country’s openness to business, pledging stability, security, and adherence to the rule of law to create an enabling environment for enterprises. He expressed Nigeria’s commitment to resolving issues that hinder South African businesses from thriving in the Nigerian market and called on South Africa to offer Nigerian companies the same opportunities to operate and flourish within its borders.
“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 remarked. He assured that Nigerian officials would work closely with their South African counterparts to implement agreements reached under the Bi-National Commission.
President Tinubu also highlighted Nigeria’s ongoing economic reforms, which he described as rigorous but necessary for long-term growth. “You have no better investment than in Nigeria. You cannot earn better on your investments elsewhere except in Nigeria,” he affirmed.
President Ramaphosa recalled the establishment of the Joint Ministerial Advisory Council during his 2021 state visit to Nigeria. He noted that the Council was designed to tackle trade and investment challenges, align policies, and create a favorable business climate in both countries.
“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,” Ramaphosa said.
He also stressed the importance of diversifying trade relations beyond oil and gas and addressing the trade deficit South Africa runs with Nigeria. “We need to diversify our trade to ensure a mutually beneficial partnership,” he added.
Both leaders acknowledged the strategic significance of their nations and reiterated their commitment to overcoming existing challenges to strengthen bilateral trade and investment opportunities.
