President Cyril Ramaphosa hosted Nigerian President Bola Ahmed Tinubu at the SA-Nigeria Business Roundtable in Cape Town.
(The Post News)- President Cyril Ramaphosa hosted President Bola Ahmed Tinubu of Nigeria at the South Africa-Nigeria Business Roundtable in Tuynhuys, Cape Town, where distinguished leaders and industry representatives from both nations gathered to solidify economic ties.
In his speech, President Ramaphosa articulated the resolute commitment of South Africa and Nigeria to bolster trade, tackle challenges head-on, and seize new economic growth opportunities. “This roundtable serves a critical purpose: to deepen economic cooperation, deliver solutions to pressing challenges, and devise strategies that will unlock the immense potential of trade and investment between our nations,” he declared.
The South African leader underscored Nigeria’s strategic importance as a key partner in West Africa, asserting Nigeria’s status as a primary destination for South African exports and investments. Nevertheless, he emphasized the necessity of diversifying trade beyond oil and gas to forge a balanced and mutually beneficial partnership. Acknowledging the significant trade deficit South Africa faces with Nigeria due to its oil and gas dependency, President Ramaphosa expressed confidence in expanding collaborations across diverse sectors, including automotive manufacturing, critical minerals, and pharmaceuticals.
Building on advancements made during his 2021 State Visit to Nigeria, President Ramaphosa announced the full operationalization of the Joint Ministerial Advisory Council on Industry, Trade, and Investment. This council is designed to create a more conducive business environment by tackling trade-related challenges and fostering investment.
With a steadfast focus on the global pivot toward clean energy, President Ramaphosa outlined clear opportunities for cooperation in green industrialization. He pointed out South Africa’s Just Transition Framework and its ambitious investments in renewable energy and green industries as a model for collaboration. “Our countries stand strategically poised to capitalize on the rapid growth of clean energy manufacturing industries. It is imperative that we leverage each other’s strengths in minerals processing and ensure that critical minerals are beneficiated right at the source,” he asserted.
Both leaders emphasized the vital role of the African Continental Free Trade Area in enhancing intra-African trade and developing regional value chains. President Ramaphosa urged businesses to actively identify opportunities for sourcing key inputs within the continent to decrease reliance on external markets. In conclusion, President Ramaphosa called upon businesses, state-owned entities, and development finance institutions to invest in the shared vision of a prosperous Africa. He also congratulated Dr. Ngozi Okonjo-Iweala on her reappointment as Director-General of the World Trade Organization, highlighting her crucial role in advancing a global trade agenda that prioritizes Africa’s development.
“South Africa and Nigeria demand a global economic order that is fair, inclusive, and rules-based. Together, we have the unique opportunity to shape the future of our continent and establish industries that meet the needs of our people,” he stated. The event unequivocally reinforced the enduring partnership between South Africa and Nigeria and their unwavering commitment to driving sustainable growth across the continent.
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