Kehinde Fajobi
Nigeria has pledged a stable and legally protected environment for foreign investments, with President Bola Ahmed Tinubu assuring South African investors of safety and security during the Nigeria-South Africa Business Roundtable in Cape Town on Tuesday.
President Tinubu emphasised Nigeria’s openness to business, promising stability and adherence to the rule of law to support thriving investments.
He also urged South Africa to allow Nigerian businesses to flourish within its borders, committing Nigerian officials to collaborate with their South African counterparts 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,” Tinubu stated.
He noted ongoing economic reforms in Nigeria, designed to benefit its citizens 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.
South African President Cyril Ramaphosa highlighted the full operationalisation of the Joint Ministerial Advisory Council on Industry, Trade, and Investment, a collaborative initiative launched during his 2021 State Visit to Nigeria.
“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,” Ramaphosa stated.
He stressed the need to diversify trade relations, acknowledging South Africa’s trade deficit with Nigeria due to oil and gas imports.
Ramaphosa called for more balanced and mutually beneficial trade partnerships.
“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.
The roundtable, attended by business leaders, government officials, and trade stakeholders, reinforced the strategic importance of collaboration between Africa’s two largest economies.