Pretoria - Nigeria’s strong growth presents unlimited opportunities for South Africa, Department of Trade and Industry (dti) Deputy Minister Mzwandile Masina said.
Speaking at a trade and investment seminar in Lagos, Nigeria, on Thursday, the Deputy Minister said the economic powerhouse presents unlimited investments and trade opportunities for South Africa.
“Nigeria has been experiencing rapid economic growth, averaging over 7% a year over the past decade, making it one of the world’s fastest growing economies and attracting investment around Africa and the rest of the world,” said the Deputy Minister.
He added that for South Africa and Nigeria to trade at an optimal level, there is work that still needs to be done in terms of further strengthening commercial and investment relations and focusing on new collaboration and trade partnerships in key areas of opportunities in the markets.
Deputy Minister Masina said that the two countries should work together to remove trade barriers, particularly the unbanning of some products from the Nigerian trade import prohibition list, in order to facilitate access of South African products into the Nigerian market.
He added for Africa to unlock its potential, it had to focus more on trade facilitation, including the simplification and modernisation of trade procedures.
Speaking at the same event, the Chairman of South Africa-Nigeria Chamber of Commerce, Foluso Phillips, expressed support for any investment and partnerships that would benefit both countries and create jobs.
He added that it was time for African business people to start supporting each other in advancing each other’s courses.
A business delegation led by the Deputy Minister is currently in Nigeria, as part of an Outward Selling and Investment Mission (OSIM) organised by the dti.
The objective of OSIM -- which kicked off in Ghana on Monday -- is to increase trade and investment, and deepen bilateral relations between South Africa and Ghana and Nigeria. - SAnews.gov.za
