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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.
Special Adviser on Information and Strategy to President Bola Tinubu, Bayo Onanuga, revealed this in a statement he signed Wednesday titled ‘Nigeria, South Africa operationalise advisory council to boost trade and investment.’
At the roundtable, Tinubu assured Ramaphosa 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, Tinubu also 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.
He affirmed 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 noted.
The President 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.
It aimed to address trade and investment challenges, foster policy alignment, and create a conducive environment for business growth in both countries.
He said, “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.”
Ramaphosa 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 the operations of companies,” he said.
At the 11th session of the Nigeria-South Africa Bi-National Commission on Tuesday, both countries agreed to urgently finalise the five-year-old Memorandum of Understanding on the Early Warning Mechanism, which monitors threats of violence, acts of criminality, and reprisals involving their nationals.
