Nigeria, South Africa urged to explore investment opportunities in key sectors

The President of the Nigeria-South Africa Chamber of Commerce, Osayaba Giwa-Osagie (SAN), has called on Nigeria and South Africa to explore new opportunities for cooperation, encourage investment in key sectors and work towards a balanced and fair trade relationship that will drive mutual prosperity.

Giwa-Osagie, in his opening speech at the July Conference Breakfast sponsored by South Africa Airways, themed “Diplomatic Relations Between South Africa and Nigeria – Prospects and Challenges”, held in Lagos this weekend, said that economic ties between Nigeria and South Africa are deep and diverse, ranging from trade and investment to energy and infrastructure.

He, however, lamented that there is much more potential to be unlocked. The socio-political dynamics between the two countries, he said, have always played a key role in shaping diplomatic relations.

“We need to approach issues of mutual interest with openness and understanding,” he added. By engaging in continuous dialogue and promoting people-to-people contacts, he noted that they can build a stronger foundation for bilateral relations, with a view to resolving any political tensions with diplomacy and commitment to peace, ensuring that the relationship remains strong and resilient.

“It is worth noting that both Nigeria and South Africa have a rich history of cooperation, resilience and a deep-rooted commitment to building strong bilateral relations.

As Africa’s two largest economies, Nigeria and South Africa occupy a unique position on the continent and our partnership is crucial not only to the development of our respective countries but also to the broader African agenda.

“By creating a friendly business environment and reducing trade barriers, we can create a thriving economic partnership that benefits both nations.

“I recommend that we explore new avenues of cooperation, encourage investment in key sectors and work towards a balanced and fair trade relationship that will drive mutual prosperity,” he added.

He cited education, technology and innovation as the drivers of future economic growth, emphasising that by cooperating in these areas, Nigeria and South Africa could lead the continent in creating a knowledge-based economy.

“Let’s think about ways we can enhance academic exchanges, support collaborative research initiatives, and foster technological innovations that address our unique challenges.

Furthermore, by investing in our youth and leveraging technology, we can build a bright future for our nations and Africa as a whole,” he said.

The Consul General of South Africa in Nigeria, Prof. Bobby Moroe, explained that both countries share a common vision of political and economic integration of Africa.

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