The Nigeria-South Africa Business Council was formally activated during the Nigeria-South Africa Business Roundtable held on Tuesday in Cape Town, South Africa. This event, attended by business leaders, government officials, and trade stakeholders, marked a significant step towards fostering economic cooperation between the two nations.
Council’s Goals and Vision
South African President Cyril Ramaphosa, who addressed the gathering, emphasized the council’s purpose of addressing trade and investment challenges and fostering policy alignment. “Through the council, we hope to ensure the efficient resolution of trade- and investment-related challenges,” Ramaphosa stated.
Ramaphosa also advocated for diversifying the economic partnership beyond oil and gas, highlighting South Africa’s trade deficit with Nigeria due to significant oil and gas imports. “We need to diversify our trade to ensure a mutually beneficial partnership,” he added, calling for an increase in South African and Nigerian businesses operating in each other’s countries.
Tinubu’s Call for Stronger Economic Ties
President Bola Ahmed Tinubu, representing Nigeria, reassured South African investors of Nigeria’s commitment to providing a stable, secure, and business-friendly environment. He also urged South Africa to reciprocate by enabling Nigerian businesses to thrive in their country.
Tinubu underscored the need for collaboration under the Bi-National Commission, describing Nigeria and South Africa as “conjoined twins tied by the hips, not only for survival but for the prosperity of the people.”
Economic Reforms and Investment Opportunities
Highlighting ongoing economic reforms in Nigeria, Tinubu noted the stringent but positive changes designed to benefit citizens and attract investment. “You have no better investment than in Nigeria. You cannot earn better on your investments elsewhere except in Nigeria,” he said, inviting South African businesses to explore opportunities in Nigeria.
Strengthened Bilateral Relations
The activation of the council builds on agreements reached during Ramaphosa’s state visit to Nigeria in 2021. The initiative aims to deepen bilateral relations and promote a mutually beneficial partnership that transcends traditional sectors.
The roundtable served as a prelude to the 11th session of the Nigeria-South Africa Bi-National Commission (BNC), where both leaders reaffirmed their commitment to strengthening economic ties and addressing barriers to trade and investment.