Nigeria, South Africa to partner on electric vehicles

South Africa’s President, Cyril Ramaphosa, has expressed interest in collaborating with Nigeria to harness critical minerals, particularly lithium, to drive the green energy transition and support the development of electric vehicles (EV) batteries.

He disclosed this, yesterday, at the ongoing Nigeria-South Africa Business Roundtable.

He proposed leveraging Nigeria’s vast lithium reserves as a cornerstone for industrialisation efforts in the EV sector; urging the private sector and development finance institutions to collaborate in building infrastructure and scaling up manufacturing capabilities in the sector.

“There is also much opportunity for cooperation on pharmaceuticals. Our two countries are strategically positioned to benefit from the rapid growth of clean energy manufacturing industries. We have developed a Just Transition Framework and an Investment Plan that anticipates massive investments in renewable energy and the green economy over the next few years.

“As part of the broader global transition to a low-carbon economy, we must leverage the abundant natural resources that exist in our countries to promote green industrialisation. We should leverage each other’s capabilities in minerals processing. We must work together to ensure critical minerals are beneficiated at source. We call on businesses to support and involve themselves in these initiatives,” he said.

He also disclosed that South Africa would support Nigeria’s bid towards becoming a member of the G20 club of the world’s major economies.

He made the promise at the official launch of South Africa’s presidency of the G20 in Cape Town, a few minutes before he received President Tinubu at Tuynhuys to co-chair the 11th Bi-National Commission between Nigeria and South Africa.

South Africa and the African Union are the continent’s only representatives in the G20.

Ramaphosa said other key African countries should also be admitted to the club “so that we can raise the voice from Africa, the neglected continent for the longest time.”

He noted that they had been the lone voice for Africa in the G20 before the admission of the African Union last year after his country had lobbied for it to become a member.

In a related development, both countries have fully operationalised the Joint Ministerial Advisory Council on Industry, Trade, and Investment to enhance economic cooperation between the two leading African economies.

Ramaphosa disclosed this, yesterday, at the Business Roundtable. On his part, Tinubu said Nigeria was open for business and ready to provide stability, security and the rule of law for businesses to thrive.

At the event attended by business leaders, government officials, and trade stakeholders, Tinubu expressed commitment to address issues discouraging South African investors from growing their businesses and franchises in Nigeria and called on South Africa to reciprocate by allowing Nigerian companies to operate and flourish in South Africa.