Nigeria, South Africa strengthen economic ties with advisory council

The South Africa-Nigeria Joint Ministerial Advisory Council on Industry, Trade, and Investment (JMACITI) has been created to strengthen economic cooperation and trade opportunities between Nigeria and South Africa.

This was announced by President Cyril Ramaphosa of South Africa on Wednesday at the Nigeria-South Africa Business Roundtable in Cape Town, South Africa.

According to Ramaphosa, the JMACITI will enable “a conducive environment for improved trade and investment” beyond oil and gas.

“We do recognise that challenges still exist within our respective operating environments that limit the expansion of investment and sometimes impact on the operations of companies,” Ramaphosa said.

“Through the Council, we hope to ensure the efficient resolution of trade and investment-related challenges.”

He noted that South Africa runs a large trade deficit with Nigeria, mainly due to oil and gas imports but called for the diversification of trade to ensure a mutually beneficial partnership.

He appreciated the presence of South African companies in Nigeria, just as he welcomed Nigerian companies to South Africa.

In his remarks, President Bola Tinubu assured South African businesses in Nigeria of favourable tax reforms, just as he urged the country to provide conducive conditions for Nigerian businesses.