Ramaphosa: We want more Nigerian companies to invest in South Africa

South African President Cyril Ramaphosa says the country is open to more Nigerian investors looking to do business in one of the biggest economic powerhouses on the continent.

Ramaphosa spoke on Tuesday at the opening of the 11th session of the Nigeria-South Africa Bi-National Commission (BNC) in Cape Town.

President Bola Tinubu was in attendance at the high-level session.

Ramaphosa pledged South Africa’s commitment to removing constraints on greater investment and addressing the challenges faced by companies in both countries.

“As we mark 30 years since the establishment of diplomatic relations, we see a bright future for our relationship,” a statement issued by Bayo Onanuga, special adviser to Tinubu on information and strategy, quoted Ramaphosa as saying.

“Our strong bonds of friendship provide a firm foundation for more meaningful economic cooperation.

“Nigeria is host to a number of South African companies. South Africa has always been open to Nigerian business, reflected in the number of investments and operations established in this country.

“But there is much more we need to do. We need to remove the remaining constraints to greater investment, just as we need to address some of the challenges that companies have experienced.”

Ramaphosa acknowledged the Nigerian government’s reforms to create a business environment that offers assurances to investors, including those from South Africa.

He said the same effort is being made in South Africa.

“Our government continues with its efforts to improve the ease of doing business in South Africa. We want to enable investors to operate, trade, and pursue opportunities in various sectors,” he said.

“We look forward to seeing more Nigerian companies investing in South Africa.”

Ramaphosa assured that under his leadership of the G20, support would be galvanised to improve Africa’s outlook.

TINUBU TO RAMAPHOSA: AFRICA LOOKS UP TO US

Tinubu lauded Ramaphosa’s interest in Nigerian investments but noted that there are bumps in bilateral relations that need to be addressed.

The president said it is important that such challenges be fixed, noting that Africa looks up to South Africa and Nigeria.

“Many South African companies, such as MTN and Multichoice, have found homes in Nigeria, while Dangote, Access Bank, and other Nigerian companies are making their marks in the South African market,” Tinubu told his South African counterpart.

“I cannot pretend that all has gone satisfactorily well. I, however, believe we can identify the gaps and challenges, including persistent irritants in our relations, and deal with them appropriately. To me, this is the real essence of the BNC.

“Together, we can act as engines of economic integration and development in our respective sub-regions as well as on the continent.

“We also have a strong role to play in the successful implementation of the African Continental Free Trade Area (AfCFTA) to the benefit of the entire continent.

“The continent looks up to us, and we cannot afford to fail them.”

Tinubu said the successes of both countries will change the negative narratives of seeing Africa as a continent marred by poverty, conflict, and leaders unable to offer transformational reforms.

He urged Ramaphosa to leverage the potential of the partnership to strengthen economic, political, and people-to-people relationships between Nigeria and South Africa.