In a significant step to enhance economic relations, Nigeria and South Africa have officially launched the Joint Ministerial Advisory Council on Industry, Trade, and Investment. This partnership aims to tackle trade issues and promote investment possibilities between the two largest economies in Africa.
In a statement issued on Wednesday, by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, highlighted South African President Cyril Ramaphosa’s remarks at the Nigeria-South Africa Business Roundtable in Cape Town on Tuesday. The President underscored the significance of the Council, stating that its main aim is to foster “a conducive environment for increased trade and investment.”
The Council, which was initially established during Ramaphosa’s state visit to Nigeria in 2021, is now fully operational. Its purpose is to address trade-related challenges, harmonize policies, and promote diversification away from oil and gas—an important priority for both countries.
Nigerian President Bola Tinubu emphasized the deep economic ties between Nigeria and South Africa, stating, “Nigeria and South Africa are like conjoined twins linked at the hips, united not just for survival but to ensure the prosperity of their people.”
President Tinubu also took the opportunity to emphasize Nigeria’s current economic reforms designed to draw in investors. He stated, “These reforms are starting to take shape. There is no better investment opportunity than in Nigeria.”
Ramaphosa emphasized the need to diversify trade relationships, highlighting South Africa’s trade deficit with Nigeria linked to oil imports. He stated, “To establish a mutually beneficial partnership, we must broaden our trade.” He urged Nigerian businesses to succeed in South Africa and expressed a warm welcome for South African companies in Nigeria.
The two leaders concurred that addressing obstacles and promoting policy coherence will promote business development and strengthen the partnership between their countries.
By putting the Advisory Council into action, Nigeria and South Africa have made an important move toward establishing sustainable and varied economic collaboration.
