South Africa Seeks Increased Investment, Trade Relations With Nigeria

International Relations and Cooperation Minister Ronald Lamola emphasized the importance of improving investment and trade relations between South Africa and Nigeria.

"One of the overriding imperatives of our bilateral relations is the need to increase our investment and trade relations to higher levels," he said, SA News reported. "The relatively large sizes of our economies logically dictate that our economic collaboration should be yielding much bigger results."

Lamola gave the statement during a Ministerial Meeting of the Bi-National Commission (BNC), which he co-chaired with Nigerian Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, in Cape Town.

Lamola stressed the need to improve economic cooperation by focusing on sectors where both countries already have investments. He highlighted that identifying profitable projects, particularly in infrastructure development, is a key priority for both nations.

The minister also highlighted the importance of expanding trade between South Africa and Nigeria and taking advantage of opportunities within the African Continental Free Trade Area (AfCFTA). He pointed out that the bilateral trade should better reflect the vast potential in both countries.

He added that strengthening people-to-people relations is crucial for promoting understanding, friendship, and shared values. Lamola said he believes this approach will also help boost tourism, creative industries, sports, and collaboration in education and science.

The International Relations and Cooperation Minister said that as South Africa and Nigeria deepen their cooperation, both countries must also take on the historical responsibility to address challenges in their regions, across Africa, and globally.

He acknowledged that Nigeria has long supported an international system focused on peace and strong relations between nations. Lamola pointed out that, like South Africa, Nigeria values dialogue and peaceful conflict resolution.

The minister also noted Nigeria's leadership role in ECOWAS, which demonstrates its commitment to diplomacy over confrontation. He expressed concerns about peace and security, both in Africa and worldwide.

Lamola said the world is becoming more divided and fragile, threatening the foundations of peace. He warned that multilateralism is under threat, with some regions increasingly turning to force in inter-state relations.

Furthermore, Africa is facing ongoing conflicts and wars in certain areas. The minister assured his Nigerian counterpart that South Africa, as the new President of the G20, will focus on highlighting Africa's development priorities.

On Tuesday, President Cyril Ramaphosa will co-chair the 11th session of the Bi-National Commission between South Africa and Nigerian President Bola Tinubu.