SA and Nigeria in deal to enhance bilateral economic co-operation - Times LIVE
Sun Apr 30 14:52:22 SAST 2017

SA and Nigeria in deal to enhance bilateral economic co-operation

BDLive | 2016-03-09 23:25:49.0
President Jacob Zuma arrives in Abuja, in the Federal Republic of Nigeria on a State Visit, at the invitation of His Excellency President Muhammadu Buhari.
Image by: The South African Presidency/Flickr

South Africa and Nigeria have agreed on the need to deepen economic co-operation‚ President Jacob Zuma said in the Nigerian capital Abuja on Wednesday.

“In this regard‚ we have agreed to formalise the SA-Nigeria Business Council‚ as it is an important instrument that will assist us in managing and advancing the economic relations between the two countries.

“SA is optimistic about the further growth of economic ties between the two countries‚” said Zuma‚ who was on a state visit to the country.

The visit came at a time when relations between the two countries have been characterised by tensions‚ worsened by the huge fine imposed on MTN. A number of South African companies have voiced the intention to exit Nigeria‚ citing tough trading conditions.

Addressing a meeting of the SA-Nigeria Business Council‚  Zuma said Nigeria had opened up its economy to South African companies in various sectors such as engineering‚ telecommunications‚ construction‚ aviation‚ media‚ hospitality‚ banking‚ retail and oil and gas exploration services.

“We would like to see the numbers of Nigerian investments in SA also increasing‚ as we promote two-way trade between these two nations.”

Zuma said productive discussions had been held between the two governments on Tuesday.

“The relations between the two countries are managed through a binational commission. We have taken an important decision to elevate the commission to head-of-state level.

“The SA-Nigeria Binational Commission will thus be chaired by President (Muhammadu) Buhari and myself and we will take full responsibility for managing relations between the two leading economies on the African continent‚” Zuma said.


If you have an opinion you would like to share on this article, please send us an e-mail to the Times LIVE iLIVE team. In the mean time, click here to view the Times LIVE iLIVE section.