Nigeria, South Africa set up joint adversary council to boost bilateral ties

Nigeria and South Africa have fully operationalized the Joint Ministerial Advisory Council on Industry, Trade, and Investment to enhance economic cooperation between the leading African economies.

The two countries’ decision came following a meeting between President Bola Tinubu and his South African counterpart, Cyril Ramaphosa, focused on strengthening bilateral economic relations and exploring opportunities for increased trade between them.

President Ramaphosa disclosed this economic development during the Nigeria-South Africa Business Roundtable, convened in Cape Town yesterday.

Recalling the purpose of the cooperative initiative launched in 2021, President Ramaphosa noted that it aimed to address trade and investment challenges, foster policy alignment, and create a conducive environment for business growth in both countries.

“Through the Council, we hope to ensure the efficient resolution of trade- and investment-related challenges,” he said.

He also 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.

At the event, attended by business leaders, government officials, and trade stakeholders, President Tinubu expressed commitment to addressing issues discouraging South African investors from growing their businesses and franchises in Nigeria, while calling on South Africa to reciprocate by allowing Nigerian companies to operate and flourish in the country.

Tinubu also assured 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 at the hips, not only for survival but for the prosperity of the people.”

“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.