By Jemimah Wellington, JKNewsMedia Reporter
EFFORTS TO enhance trade and investment relations between Nigeria and South Africa took a significant step forward on Tuesday.
The two nations fully operationalized the Joint Ministerial Advisory Council on Industry, Trade, and Investment, an initiative first introduced during President Cyril Ramaphosa’s 2021 state visit to Nigeria.
Moreover, the council seeks to address trade barriers, align policies, and foster a conducive environment for businesses to thrive.
At the Nigeria-South Africa Business Roundtable in Cape Town, President Ramaphosa acknowledged the challenges faced by companies in both countries and emphasised the need for diversification beyond oil and gas.
“South Africa runs a trade deficit with Nigeria, largely due to oil and gas imports. Diversifying trade relations will ensure mutual benefits,” he said.
Also, President Bola Tinubu expressed Nigeria’s readiness to provide security and stability for investors.
He assured South African businesses of a welcoming environment in Nigeria, urging South Africa to reciprocate by fostering an enabling climate for Nigerian companies operating within its borders.
“We must work together as co-joined twins for prosperity,” Tinubu noted, highlighting ongoing reforms aimed at revitalising Nigeria’s economy.
The roundtable also highlighted the presence of South African companies in Nigeria and Nigerian enterprises in South Africa, showcasing the existing but underexploited economic potential between both nations.
Simplify Visa Process for Nigerian Business Travellers
In a separate development, South Africa announced significant reforms to its visa policies to enhance travel and business opportunities for Nigerians.
Speaking at the 11th session of the Nigeria-South Africa Bi-National Commission (BNC) in Cape Town, President Cyril Ramaphosa revealed that Nigerian tourists and businesspeople can now apply for visas without submitting passports.
As part of these measures, qualifying Nigerian business travellers are eligible for five-year multiple entry visas, a move aimed at facilitating economic ties and boosting tourism.
“Our simplified visa process reflects our commitment to fostering closer relations. Nigerian business people will find it easier to travel to South Africa,” Ramaphosa said.
He also commended Nigeria’s reforms that reassure investors and pledged South Africa’s dedication to removing barriers to investment.
“There is much to be done. We must eliminate remaining constraints and address challenges faced by companies on both sides,” he added.
As both nations mark three decades of diplomatic ties, Ramaphosa emphasised their shared goals of economic cooperation and Africa’s development.
He reiterated South Africa’s intent to champion the African Union’s Agenda 2063 at the upcoming G20 Leaders’ Summit in South Africa.
“Nigeria remains a vital partner. Together, we can create opportunities that reflect Africa’s ambitions and ensure inclusive growth,” he said.
Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga, praised the visa reforms, describing them as a milestone for economic engagement.
He expressed optimism about a surge in Nigerian investments in South Africa.
