…Urges Ramaphosa To Do Same
…says country open for business
..as both countries operationalize advisory council to boost trade, investments
President Bola Tinubu has vowed to remove the impediments against South African investments in Nigeria.
This came as he urged his South African counterpart, Cyril Ramaphosa, to do same for Nigerian investors in his country.
The President, who insisted that Nigeria was open for business gave the assurance in his remarks at a business roundtable in Cape Town, South Africa, on Tuesday evening.
At the roundtable attended by government officials, business leaders and trade stakeholders from both countries, Tinubu assured that Nigeria was ready to provide stability, security, and the rule of law for businesses to thrive.
He expressed commitment to addressing issues discouraging South African investors from growing their businesses and franchises in Nigeria and called on South Africa to reciprocate by allowing Nigerian companies to operate and flourish in South Africa.
The President 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 by the hips not only for survival but for the prosperity of the people,” he said.
Tinubu said 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.
The South Africa leader in his comments disclosed that Nigeria and South Africa have fully operationalized 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 launched during his State Visit to Nigeria in 2021. 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 leader 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.
