President Cyril Ramaphosa advocates for stronger South Africa-Nigeria economic collaboration
President Cyril Ramaphosa has called for deeper economic ties between South Africa and Nigeria during the SA-Nigeria Business Roundtable held on December 3, 2024, in Cape Town. The event coincided with the working visit of Nigeria’s President, Bola Ahmed Tinubu.
In his address, Ramaphosa outlined three key objectives for the roundtable: fostering economic cooperation, tackling trade challenges, and exploring new strategies to maximize trade and investment opportunities between the two nations.
“Nigeria and South Africa enjoy strong diplomatic ties and expanding trade flows,” said Ramaphosa. “However, there is still much to be done to diversify trade and ensure a mutually beneficial partnership.”
The president pointed out the trade deficit South Africa faces due to its heavy reliance on Nigerian oil and gas. He stressed the importance of diversifying trade and creating value chains in industries such as automotive manufacturing, critical minerals, and pharmaceuticals.
Ramaphosa also highlighted the potential benefits of the African Continental Free Trade Area (AfCFTA), emphasizing the need to reduce reliance on imported goods by trading within Africa and building integrated regional value chains.
“We look forward to seeing more Nigerian companies investing in South Africa. In fact, we want to see Nigerian products on shelves of South African shops. We are encouraged by the actions being undertaken under your leadership to further strengthen and foster a business environment in Nigeria that offers assurances to investors, including from South Africa.”
On infrastructure development, he called for collaboration between South Africa and Nigeria to leverage their development finance institutions, focusing on electricity, bulk water supply, and transport networks.
President Ramaphosa concluded by congratulating Dr. Ngozi Okonjo-Iweala on her reappointment as Director-General of the World Trade Organization, calling for a unified approach in shaping a developmental agenda that benefits Africa on the global stage.
“With the strategic positioning of our nations, we have the opportunity to build a prosperous Africa that meets the needs of all its people,” Ramaphosa said, inviting private and public sector stakeholders to be part of this journey.
