In a strategic move to deepen economic ties, Nigeria and South Africa have fully operationalized the Joint Ministerial Advisory Council on Industry, Trade, and Investment.

This initiative aims to enhance collaboration between Africa’s two largest economies by addressing trade challenges, fostering policy alignment, and promoting an environment conducive to business growth.

Speaking at the Nigeria-South Africa Business Roundtable in Cape Town on Tuesday, South African President, Cyril Ramaphosa noted the Council’s role in strengthening bilateral trade.

Established during his 2021 visit to Nigeria, the Council’s operationalization marks a critical step in resolving trade and investment barriers while diversifying economic relations beyond oil and gas.

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Ramaphosa explained the need for balanced trade relations, noting South Africa’s trade deficit with Nigeria due to oil and gas imports.

“Diversifying our trade and expanding investment opportunities is vital for a mutually beneficial partnership.”

He added that the Council would play a pivotal role in resolving trade-related challenges.

Nigerian President Bola Tinubu emphasized Nigeria’s openness to foreign investment and reaffirmed his commitment to creating a stable and secure business environment.

He called for reciprocal efforts from South Africa to allow Nigerian businesses to thrive within its borders.

“Nigeria and South Africa are co-joined twins tied by the hips for survival and prosperity,” Tinubu stated.

Also, he noted ongoing economic reforms designed to attract investors and drive growth.

Both leaders acknowledged the strategic significance of their nations in shaping Africa’s economic landscape.

With increased cooperation, the Advisory Council is expected to boost trade, diversify investments, and solidify Nigeria-South Africa relations.

Business leaders and stakeholders at the event expressed optimism about the enhanced collaboration and the opportunities it presents for cross-border investments and trade expansion.