SA, Nigeria strengthen economic ties: ‘We must seize this moment,’ says Ramaphosa

Ramaphosa

Cape Town – South Africa and Nigeria have reaffirmed their commitment to deepening economic cooperation, with a focus on enhancing bilateral investments and trade. 

This pledge was made during the 11th Session of the Bi-National Commission held in Cape Town, where South African President Cyril Ramaphosa hosted Nigerian President Bola Ahmed Tinubu.

The meeting celebrated 30 years of diplomatic relations between the two nations, underscoring their long-standing partnership.

Ramaphosa expressed gratitude to Nigeria for its role in the international campaign against apartheid, noting that these historical ties provide a strong foundation for increased economic collaboration.

“Our strong bonds of friendship provide a firm foundation for more meaningful economic cooperation,” Ramaphosa said.

Both leaders acknowledged the significant presence of South African businesses in Nigeria and Nigerian investments in South Africa. However, they agreed on the need to address challenges that hinder smoother trade and investment flows.

“We need to remove the remaining constraints to greater investment, just as we need to address some of the challenges that companies have experienced.

“We are encouraged by the actions being undertaken under your leadership to further strengthen and foster a business environment in Nigeria that offers assurances to investors, including from South Africa. Our government continues with its efforts to improve the ease of doing business in South Africa,” said Ramaphosa.

Recent efforts to facilitate investment include South Africa’s move to streamline visa processes for Nigerian businesspeople and tourists. Qualifying Nigerian businesspeople can now receive five-year multiple-entry visas, while tourists can apply for visas without submitting passports.

The African Continental Free Trade Area (AfCFTA) was highlighted as a key driver of economic growth, offering opportunities for seamless trade across various sectors.

Ramaphosa urged both nations to capitalize on the agreement to expand their economic reach.

“This agreement allows our countries to trade seamlessly across a variety of products. We must seize this moment,” he said.

Article written by