CAPE TOWN: Nigeria and South Africa have operationalised the Joint Ministerial Advisory Council on Industry, Trade, and Investment to enhance economic cooperation between the two leading African economies. President Cyril Ramaphosa announced this development at the Nigeria-South Africa Business Roundtable held on Tuesday in Cape Town, South Africa.
According to News Agency of Nigeria, during the roundtable, President Bola Tinubu stated that Nigeria is open for business and committed to providing stability, security, and the rule of law to facilitate business growth. Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, conveyed Tinubu’s message in a statement. At the event, which was attended by business leaders, government officials, and trade stakeholders, Tinubu emphasized his dedication to resolving issues that deter South African investors from expanding their businesses and franchises in Nigeria. He also urged South Africa to reciprocate by supporting Nigerian companies to ope
rate and thrive in South Africa.
President Tinubu assured that Nigerian officials would continue collaborating with their South African counterparts to implement the agreed mandates under the Bi-National Commission. He described the relationship between Nigeria and South Africa as that of “conjoined twins tied by the hips not only for survival but for the prosperity of the people.” Tinubu highlighted Nigeria’s ongoing stringent economic reforms aimed at benefitting its citizens and bringing prosperity to Africa, asserting that Nigeria offers unparalleled investment opportunities.
President Ramaphosa recounted that the Joint Ministerial Advisory Council on Trade was inaugurated during his State Visit to Nigeria in 2021. Its purpose is to address trade and investment challenges, foster policy alignment, and create a conducive environment for business growth in both countries. He confirmed the full operationalisation of the council, which aims to support a conducive environment for improved trade and investmen
t and ensure the efficient resolution of related challenges.
Ramaphosa acknowledged the strategic importance of both nations in their respective regions and the necessity to diversify trade relations beyond oil and gas dependency. He noted that South Africa experiences a large trade deficit with Nigeria, primarily due to oil and gas imports, and stressed the importance of diversifying trade to ensure a mutually beneficial partnership. He expressed encouragement at the presence of South African companies in Nigeria and welcomed Nigerian companies in South Africa, while recognizing existing challenges that limit investment expansion and sometimes affect company operations.