Nigeria, South Africa activate advisory council to boost trade

Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, says Nigeria and South Africa have operationalised a joint ministerial advisory council to boost trade and investment.

In a statement on X on Wednesday, Onanuga said the activation took place at the Nigeria-South Africa Business Roundtable on Tuesday in Cape Town, South Africa.

He said the event was attended by business leaders, government officials, and trade stakeholders.

Onanuga said South African President Cyril Ramaphosa reiterated the full operationalisation of the council launched during his state visit to Nigeria in 2021.

According to the statement, the council’s aim is to address trade and investment challenges, foster policy alignment.

Onanuga said Ramaphosa noted that the council will “create a conducive environment for business growth in both countries”.

“Through the Council, we hope to ensure the efficient resolution of trade- and investment-related challenges,” Ramaphosa said.

Ramaphosa called for diversification of the joint partnership between the two nations beyond oil and gas.

“South Africa runs a large trade deficit with Nigeria, mainly due to oil and gas imports,” he said.

“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.”

TINUBU: NIGERIA OPEN FOR SOUTH AFRICAN BUSINESSES

Tinubu assured that Nigeria is open for business and ready to provide stability, security, and the rule of law for businesses to thrive.

“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,” the statement reads.

“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.”

According to the presidential aid, Tinubu said Nigeria and South Africa are conjoined twins tied by the hips not only for survival but for the prosperity of the people.

On economic reforms currently ongoing in Nigeria, the president said they are very stringent positive reforms to serve the people of Nigeria and bring prosperity to Africa at large.

“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,” Tinubu said.

On Monday, Tinubu and his entourage arrived in South Africa for the 11th session of the Nigeria-South Africa Bi-National Commission (BNC).

At the opening of the 11th session of the Nigeria-South Africa BNC on Tuesday, in Cape Town, Ramaphosa said South Africa is open to more Nigerian investors looking to do business with them.