- Safiu Kehinde
President Bola Tinubu has described Nigeria and South Africa’s relationship as inseparable which he likened with conjoined twins tied by the hips.
Tinubu stated this at the Nigeria-South Africa Business Roundtable on Tuesday in Cape Town.
According to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, Tinubu declared Nigeria open for business and ready to provide stability, security and the rule of law for businesses to thrive.
He also called on South Africa to reciprocate by allowing Nigerian companies to operate and flourish in South Africa.
The President expressed commitment to address issues discouraging South African investors from growing their businesses and franchises in Nigeria.
He further assured that Nigerian officials would continue to collaborate with their South African counterparts to facilitate the implementation of the agreed mandates under the Bi-National Commission.
“Nigeria and South Africa are conjoined twins tied by the hips not only for survival but for the prosperity of the people,” he said.
Meanwhile, Tinubu disclosed that Nigeria was 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.
On his part, President Cyril Ramaphosa announced that Nigeria and South Africa have operationalised the Joint Ministerial Advisory Council on Industry, Trade, and Investment to enhance economic cooperation between the two leading African economies.
Ramaphosa recalled that the Joint Ministerial Advisory Council on Trade was inaugurated during his State Visit to Nigeria in 2021.
According to him, its aim was to address trade and investment challenges, foster policy alignment, and create a conducive environment for business growth in both countries.
“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.
The South African president 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 on the operations of companies,” he said.