ECOWAS said Nigerian President Bola Ahmed Tinubu would stay on as chair
IBTimes NG

The two largest economies in Africa -- Nigeria and South Africa -- have officially launched the Joint Ministerial Advisory Council to strengthen economic cooperation over industry, trade, and investment.

During the Nigeria-South Africa Business Roundtable in Cape Town, South African President Cyril Ramaphosa announced the joint council, as per the official statement issued by special adviser to the Nigerian president on Information and Strategy, Bayo Onanuga, on X.

The council was first introduced during Ramaphosa's state visit to Nigeria in 2021. However, it has been officially launched now for operations to address trade and investment challenges, align policies, and create a more business-friendly environment in both countries.

While speaking to business leaders, government officials, and trade stakeholders, President Bola Tinubu reaffirmed Nigeria's commitment to creating a welcoming environment for South African investors. He also urged South Africa to create similar opportunities for Nigerian businesses.

He described Nigeria and South Africa as "co-joined twins" linked not only for survival, but for the prosperity of their people. Tinubu talked about Nigeria's ongoing economic reforms, which he acknowledged were tough, but necessary, and expressed confidence in their positive impact.

The Nigerian president said that the country offered the best investment opportunities, claiming that investors can earn more in Nigeria than anywhere else. He also encouraged foreign investors to explore the opportunities in the country.

Ramaphosa mentioned South Africa's trade deficit with Nigeria, mainly due to oil and gas imports, and stressed the need for diversification to create a more balanced and beneficial partnership.

He expressed encouragement by the presence of South African companies in Nigeria and welcomed Nigerian companies in South Africa, while also acknowledging the challenges businesses face in both countries.

Tinubu assured that Nigerian officials would collaborate with their South African counterparts to implement agreements made under the Bi-National Commission and address concerns from investors.

Earlier this week, Nigeria and South Africa agreed to speed up finalizing the five-year-old Memorandum of Understanding (MoU) on an Early Warning Mechanism, which aimed to monitor and prevent violence and crime involving nationals of both countries.