Nigeria and South Africa have officially operationalized the Joint Ministerial Advisory Council on Industry, Trade, and Investment to bolster economic collaboration between these prominent African nations.
President Cyril Ramaphosa disclosed this during Tuesday’s Nigeria-South Africa Business Roundtable held in Cape Town.
At the roundtable, President Bola Tinubu emphasized Nigeria’s readiness for business, assuring that the country is committed to providing a stable and secure environment conducive to investment.
He addressed concerns that may deter South African investors from expanding their businesses in Nigeria and urged South Africa to reciprocate by facilitating the operations of Nigerian companies within its borders.
Tinubu reaffirmed that Nigerian officials would work closely with their South African counterparts to implement the initiatives agreed upon under the Bi-National Commission.
He articulated the deep ties between Nigeria and South Africa, describing them as “co-joined twins” whose prosperity is interlinked.
Tinubu also highlighted Nigeria’s ongoing economic reforms to enhance growth and attract investments, asserting that there is no better investment opportunity than in Nigeria.
In his remarks, President Ramaphosa noted that the Joint Ministerial Advisory Council was initially launched during his 2021 state visit to Nigeria to tackle trade and investment challenges and promote policy alignment.
“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 confirmed the full operationalization of the Council, which aims to create a favorable environment for trade and investment while addressing related challenges efficiently.
Ramaphosa acknowledged the strategic roles both countries play in their regions and stressed the necessity of diversifying trade relations beyond oil and gas imports. He pointed out that South Africa currently faces a significant trade deficit with Nigeria, primarily due to its reliance on oil imports.
Both leaders expressed optimism about increasing mutual investments and addressing existing operational challenges faced by businesses in both nations.
