South Africa and Nigeria have pledged to enhance “balanced” trade between the two nations following the conclusion of the 11th South Africa-Nigeria Bi-National Commission held in Cape Town on Tuesday.
The commitment comes as both countries aim to leverage the opportunities provided by the African Continental Free Trade Area (AfCFTA), which they have both ratified.
“The Heads of State and Government made a commitment to work towards increased and balanced trade between the two countries by utilising the opportunities provided by the African Continental Free Trade Area (AfCFTA),” said a communique released at the end of the meeting.
During discussions, Ramaphosa and Tinubu noted the importance of increasing economic cooperation and applauded the existing substantial investments made by South African companies in Nigeria.
They also encouraged reciprocal investments from Nigeria into the South African economy, recognizing the need to create an enabling business environment in both countries.
The leaders called for collaboration between private and public entities from the two countries to drive investment in key sectors such as mining and infrastructure development, including rail, road and port projects.
Nigeria extended an invitation to South Africa’s development finance institutions to engage in co-financing infrastructure initiatives.
The meeting noted that at least 34 agreements have been signed by the two countries since the advent of diplomatic relations in 1994. These cover various sectors.
Ramaphosa and Tinubu underscored the urgency of finalising the Memorandum of Understanding (MoU) on the Early Warning Mechanism, with plans to sign the MoU no later than March 2025 during a planned visit to Nigeria by South Africa’s International Relations and Cooperation Minister Ronald Lamola.
The two leaders also welcomed ongoing negotiations aimed at concluding additional agreements to further strengthen bilateral relations.
JN/APA