Nigeria, South Africa bilateral trade hits $8.2b yearly
23 December 2020 |
3:02 am
The Consul General of Nigeria to South Africa, Abdulmalik Ahmed, has said that the bilateral trade between Nigeria and South Africa is worth $8.6 billion.
• Envoy moves to shore up investments
The Consul General of Nigeria to South Africa, Abdulmalik Ahmed, has said that the bilateral trade between Nigeria and South Africa is worth $8.6 billion.
Ahmed said the mutual benefit of the trade relation was bound to yield more with better air connectivity.
Ahmed, while welcoming Air Peace’s inaugural flight in Johannesburg, disclosed that the value of Nigeria’s yearly exports to South Africa is over $3.8 billion while South Africa similarly exported $4.8 billion in 2018 to Nigeria.
He said South Africa has remained Nigeria’s biggest partner over the years.
Air Peace had at the weekend operated its inaugural flight from Lagos to South Africa. Speaking on the economic benefit of the flight, the Nigerian envoy noted that route launch would help improve foreign inflows to both countries and encourage investment.
He said: “Nigeria provides a favourable business environment and large market for a wide range of South African companies, including MTN, Multichoice, Shoprite and Protea Hotels. The Lagos- Johannesburg route was serviced by Air Arik and South African Airways but unfortunately, both airlines could not sustain operations on the routes. It is against this background that Air Peace is entering the market.”
Going further, he called on Nigerians to establish more businesses in South Africa to quell xenophobic attacks.
“I would call on Nigerian corporate entities to follow the lead of Air Peace and take advantage of the huge investment opportunities in South Africa.
“The number of Nigerian corporate entities here compared to a large number of South African entities in Nigeria does not reflect the spirit of the industry of our people. An increase in corporate presence could be a weapon in the fight against xenophobia. We at the consulate are always ready to facilitate the processes of your arrival.”
The Chief Operating Officer, Airports Company, South Africa, Fundi Sithe, commended the airline for flying into their flagship airport, O.R. Tambo International Airport, Johannesburg.
She noted that the number of passengers on the return trip showed that the operation was much-awaited.
“Yesterday, we saw that the inaugural flight arrived at Oliver Tambo International Airport. It arrived with 85 passengers on board and departed later with 207 passengers. That is quite significant because the difference tells us that there is a huge market that has not been serviced.”
The airport manager hoped for more frequencies and a direct route to Durban or Cape Town soon.
Chief Operating Officer of Air Peace, Toyin Olajide, noted that the airline would be expecting three aircraft to boost domestic and regional operations.
She added that there are other international routes in the offing such as Houston-USA, Mumbai-India, Guangzhou-China, and London.
Customers, who are looking to connect cities in Nigeria or other countries, which the airline was operating in, were advised to apply, as the airline pledged to carry passengers to their final destination at a promo price of R6, 175.
Related
19 hours ago
The Federal Government has created an Incentive Monitoring and Evaluation Platform (IMEP) aimed at cutting down the cost of tax expenditure and ensuring tax incentives positively impact the economy.
19 hours ago
As of quarter one, 2024, the National Identity Management Commission (NIMC) has issued 105 million National Identification Numbers (NINs) to Nigerians.
19 hours ago
With expectations that the drop in the dollar-to-naira exchange rate would lead to a reduction in the cost of goods and commodities quickly, traders and consumers have lamented that they are yet to feel the impact on their wares, as the cost of household items keeps skyrocketing.
19 hours ago
Transactions on the equities sector of the Nigerian Exchange Limited (NGX) reopened on a downturn yesterday, as market capitalisation depreciated by N304 billion, amid losses in banks stocks.
19 hours ago
The Nigerian Society of Engineers (NSE) has bemoaned the lack of access to capital and patronage by the government at various levels.
19 hours ago
Before a leader creates a management system, he or she must first appreciate the idea that this concept was designed to solve certain challenges and it’s a tool for achieving the corporate goals of an organization.
19 hours ago
United Bank for Africa (UBA) Plc has outlined its strategies aimed at navigating the dynamic and ever-evolving banking landscape, while also consolidating growth prospects for the 2024 financial year.
19 hours ago
Boucles Africa Limited, a recent entrant into marcomms consultancy, has appointed Mojisola Saka, as its pioneer Chief Engagement & Experience Officer effective April 2024.
1 day ago
Tokyo stocks closed lower Monday after Iran's unprecedented missile and drone strikes on Israel raised fears of wider conflict in the Middle East.
1 day ago
The Central Bank of Nigeria (CBN) requires tier 1 banks to raise their Capital (defined as share capital plus share premium) to N500 billion. The options available to banks are right are a private placement, a public offer to the general public and a right issue for existing shareholders.
×
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.