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| Presidents Cyril Ramaphosa and Bola Tinubu Lead South Africa-Nigeria Business Roundtable in Cape Town The Presidency 🇿🇦 @PresidencyZA |
Cape Town – President Cyril Ramaphosa and Nigerian President Bola Ahmed Tinubu led discussions at the South Africa-Nigeria Business Roundtable in Cape Town on December 3, 2024. The meeting aimed to enhance economic collaboration, address challenges affecting trade, and explore new opportunities to bolster investments between the two nations.
Deepening Bilateral Relations
President Ramaphosa highlighted the importance of strong economic and diplomatic ties between South Africa and Nigeria, emphasizing their influence in driving growth within their respective regions. “While South Africa remains a key investor in Nigeria, there is still untapped potential to diversify and strengthen our trade relations to benefit both nations,” he stated.
Acknowledging the trade imbalance caused by South Africa's reliance on Nigerian oil and gas imports, Ramaphosa called for collaborative efforts to broaden the scope of trade beyond energy commodities.
Tackling Trade Barriers
The event saw renewed commitments to addressing hurdles impacting business operations in both countries. President Ramaphosa announced the activation of the Joint Ministerial Advisory Council on Industry, Trade, and Investment, a platform established to create business-friendly policies and resolve trade-related issues.
Sectors Primed for Collaboration
The roundtable showcased industries with significant opportunities for growth:
- Automotive Manufacturing: Both countries have the potential to collaborate on producing electric motorcycles and vehicle components.
- Mineral Processing: Plans to process critical minerals like lithium locally to support renewable energy initiatives.
- Healthcare: Strengthening pharmaceutical production capabilities in both nations.
- Green Economy: Harnessing renewable energy for sustainable industrial development under South Africa’s Just Transition Framework.
Ramaphosa encouraged Nigerian businesses to participate in South Africa’s infrastructure development drive, which includes investments in roads, water systems, electricity, and transportation networks.
Advancing Intra-African Trade
The African Continental Free Trade Area (AfCFTA) was highlighted as a key mechanism to boost regional trade and investment. President Ramaphosa encouraged the private sector to source goods and services within Africa, fostering growth and reducing dependency on external markets.
He further emphasized the importance of building regional value chains to promote self-sufficiency and economic resilience across the continent.
A Shared Vision for Global Trade
President Ramaphosa also celebrated Dr. Ngozi Okonjo-Iweala’s reappointment as the Director-General of the World Trade Organization, stating that it provides continuity in advancing Africa's trade interests on the global stage.
Both leaders reiterated their shared commitment to shaping a fair global trade system that includes Africa’s interests, supporting development through expanded trade partnerships and increased investments.
Conclusion
The SA-Nigeria Business Roundtable laid the groundwork for enhanced economic collaboration, addressing existing challenges, and exploring new growth opportunities. It highlighted the strategic importance of the partnership in driving sustainable development within Africa.
President Ramaphosa concluded by inviting businesses and institutions to actively participate in initiatives aimed at creating a prosperous and inclusive future for the continent.
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