In a significant move to strengthen economic cooperation, 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 during the Nigeria-South Africa Business Roundtable in Cape Town.
President Ramaphosa highlighted that the council, initially launched during his 2021 State Visit to Nigeria, aims to address trade and investment challenges, align policies, and create a conducive environment for 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,” Ramaphosa stated.
He underscored the strategic importance of diversifying trade relations between Africa’s two largest economies, noting South Africa’s trade deficit with Nigeria, which is heavily influenced by oil and gas imports. “We need to diversify our trade to ensure a mutually beneficial partnership,” he added.
At the same event, Nigerian President Bola Tinubu reaffirmed Nigeria’s readiness to attract and sustain foreign investments. “Nigeria is open for business and ready to provide stability, security, and the rule of law for businesses to thrive,” he assured an audience of business leaders, government officials, and trade stakeholders.
President Tinubu addressed concerns raised by South African investors about operating in Nigeria, pledging reforms to create a business-friendly environment. He also called on South Africa to reciprocate by enabling Nigerian companies to expand and thrive 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,” Tinubu said, emphasizing the importance of bilateral cooperation under the Bi-National Commission framework.
The Nigerian leader highlighted ongoing economic reforms aimed at fostering growth and positioning the country as Africa’s prime investment destination. “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 declared.
Both leaders acknowledged the presence of South African companies in Nigeria and Nigerian enterprises in South Africa as a testament to the potential for deeper economic integration. They also recognized existing challenges that hinder business expansion and committed to tackling these barriers through the Council.
This development is seen as a milestone in advancing regional economic cooperation, with both nations leveraging their strategic roles to drive prosperity across the continent.