Cape Town, South Africa – In a significant move to strengthen economic ties, Nigeria and South Africa have fully operationalised the Joint Ministerial Advisory Council on Industry, Trade, and Investment. The announcement was made by South African President Cyril Ramaphosa on Tuesday at the Nigeria-South Africa Business Roundtable in Cape Town.
The council, established during President Ramaphosa’s State Visit to Nigeria in 2021, aims to address trade challenges, align policies, and foster a conducive environment for business growth between Africa’s two largest economies.
“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,” President Ramaphosa said.
Speaking at the event, President Bola Ahmed Tinubu assured the audience that Nigeria is undergoing significant economic reforms to attract investment and ensure stability, security, and the rule of law for businesses to thrive.
“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. He emphasized that Nigeria offers unparalleled investment opportunities.
“You have no better investment than in Nigeria. You cannot earn better on your investments elsewhere except in Nigeria,” he added.
Both leaders stressed the need to diversify trade relations beyond oil and gas. President Ramaphosa highlighted South Africa’s trade deficit with Nigeria, primarily due to oil imports, and called for broader trade engagement.
“We are greatly encouraged by the presence of South African companies in Nigeria, just as we welcome Nigerian companies in South Africa. However, challenges still exist within our respective operating environments that limit the expansion of investment,” Ramaphosa stated.
President Tinubu pledged to address issues hindering South African investors in Nigeria and called for reciprocal efforts to support Nigerian companies operating in South Africa.
The Business Roundtable, attended by business leaders, government officials, and trade stakeholders, highlighted the strategic importance of the partnership in driving economic growth across the continent.
The operationalisation of the Advisory Council is expected to deepen economic cooperation and enhance trade and investment opportunities, marking a pivotal step in the relationship between Nigeria and South Africa.
