Abuja, Dec. 4, 2024 – President Bola Tinubu has assured South African investors of the safety of their investments in Nigeria.
He said Nigeria was open for business and ready to provide stability, security and the rule of law for businesses to thrive.
Tinubu gave the assurance on Tuesday while speaking at a roundtable attended by business leaders, government officials and trade stakeholders in Cape Town, South Africa.
Bayo Onanuga, a Presidential Spokesman, disclosed this in statement on Wednesday.
Tinubu also expressed commitment to addressing issues discouraging South African investors from growing their businesses and franchises in Nigeria and called on South Africa to reciprocate the gesture by allowing Nigerian companies to operate and flourish in South Africa.
He said Nigerian officials would continue to collaborate with their South African counterparts to implement the agreed mandates under the Bi-National Commission.
“Nigeria and South Africa are co-joined twins tied by the hips not only for survival but for the prosperity of the people,” he said.
Tinubu said Nigeria was undergoing economic reforms to serve the people of Nigeria and bring prosperity to Africa.
“The reforms have begun to see the light of the day. You have no better investment than in Nigeria. You cannot earn better on your investments elsewhere except in Nigeria,” he said.
President Cyril Ramaphosa of South Africa, recalled that a Joint Ministerial Advisory Council on Trade was launched during his State Visit to Nigeria in 2021.
He said the council was aimed at addressing trade and investment challenges, foster policy alignment, and create a conducive environment for business growth in both countries.
“Today, we agreed on the full operationalisation of the Council. This will support a conducive environment for improved trade and investment.
“Through the Council, we hope to ensure the efficient resolution of trade- and investment-related challenges.”
Ramaphosa acknowledged the strategic importance of both nations in their respective regions and the need to diversify trade relations to move beyond oil and gas dependency.
“South Africa runs a large trade deficit with Nigeria, mainly due to oil and gas imports. We need to diversify our trade to ensure a mutually beneficial partnership.
“We are greatly encouraged by the presence of South African companies in Nigeria, just as we welcome Nigerian companies in South Africa.
“We do recognise that challenges still exist within our respective operating environments that limit the expansion of investment and sometimes impact the operations of companies,” he said.
