Nigeria and South Africa have fully operationalised the Joint Ministerial Advisory Council on Industry, Trade, and Investment to enhance economic cooperation between the two leading African economies.
President Cyril Ramaphosa disclosed the decision on Tuesday in Cape Town, South Africa, at the Nigeria -South Africa Business Roundtable.
At the roundtable, President Bola Tinubu assured that Nigeria is open for business and ready to provide stability, security, and the rule of law for businesses to thrive.
At the event attended by business leaders, government officials, and trade stakeholders, President Tinubu expressed commitment to address issues discouraging South African investors from growing their businesses and franchises in Nigeria, and called on South Africa to reciprocate by allowing Nigerian companies to operate and flourish in South Africa.
President Tinubu assured that Nigerian officials would continue collaborating with their South African counterparts to facilitate the implementation of the agreed mandates under the Bi-National Commission.
“Nigeria and South Africa are co-joined twins tied by the hips not only for survival but for the prosperity of the people,” he said.
President Tinubu said Nigeria is undergoing very stringent positive economic reforms to serve the people of Nigeria and bring prosperity to Africa.
“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 said.
President Ramaphosa recalled that the Joint Ministerial Advisory Council on Trade was launched during his State Visit to Nigeria in 2021. Its aim was to address trade and investment challenges, foster policy alignment, and create a conducive environment for business growth 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,” he said.
He acknowledged the strategic importance of both nations in their respective regions and the need to diversify trade relations to move beyond oil and gas dependency.
“South Africa runs a large trade deficit with Nigeria, mainly due to oil and gas imports. We need to diversify our trade to ensure a mutually beneficial partnership.
“We are greatly encouraged by the presence of South African companies in Nigeria, just as we welcome Nigerian companies in South Africa.
“We do recognise that challenges still exist within our respective operating environments that limit the expansion of investment and sometimes impact on the operations of companies,” he said.