Ahead of a G20 summit on industrialisation and agriculture in Abuja, Nigeria’s Acting High Commissioner to South Africa, Alexander Temitope Ajayi, has called on Nigerian businesses to expand their presence in South Africa and diversify beyond oil to balance trade with the country.

Ajayi, while engaging fellows of the MTN Media Innovation Programme (MIP4) at the Nigerian House in Pretoria, yesterday, noted that South African companies, including MTN and others, including banks, have become entrenched in Nigeria’s economy, while only a few Nigerian firms, such as Dangote Group and Access Bank, operate in South Africa.

“We need more Nigerian businesses in South Africa. When you quantify it, you discover that there are many South African businesses across different sectors operating in Nigeria. But only a handful of Nigerian firms, like Dangote and Access Bank, have entered the South African market,” he said.

The envoy also pointed to gaps in the non-oil trade balance, explaining that although Nigeria records a favourable overall trade position with South Africa, the position is largely due to crude oil exports.

Citing President Cyril Ramaphosa’s December 2024 call for stronger two-way trade, Ajayi said: “When you disaggregate the figures, you find that in the non-oil sector we are not doing well. That is where we need to promote more Nigerian goods on South African shelves.”

The envoy urged Nigerian entrepreneurs and investors to tap into South Africa’s opportunities in mining, agriculture and financial services, noting that Nigeria stands to gain from South Africa’s advanced mining expertise as it pursues diversification into solid minerals.

He said Nigeria last year held its first critical minerals investment roadshow in Johannesburg, seeking South African partnerships to develop its underutilised mining sector.

Ajayi said Nigeria still sees mining as a priority area for foreign investment as it drives diversification away from oil.The envoy also pointed to the Nigeria–South Africa Business Council as a platform to ease regulatory barriers and protect investor interests, stating that there are many opportunities for Nigerian businesses in the country.

Ajayi also announced that Nigeria will host the G20 High-Level Summit on Industrialisation and Agriculture in Abuja on October 21–22, facilitated by South Africa’s G20 presidency.

According to him, the meeting will bring together ministers of industry and agriculture from G20 countries and Africa to explore new frameworks for industrial growth, trade, and food security.