South African businesses are working to deepen trade and investment ties with Nigeria, a key West African trading partner primarily exporting crude oil to South Africa.
The South Africa-Nigeria Joint Ministerial Advisory Council on Industry, Trade, and Investment (JMACITI), established in late 2021 by both governments and private sector players, aims to highlight business opportunities and address trade barriers between the two countries. Recently, South African companies launched a video showcasing the country’s investment landscape to attract Nigerian firms.
Lungisa Fuzile, regional CEO of Standard Bank Group, emphasized that cooperation between South Africa and Nigeria—two of sub-Saharan Africa’s largest economies—can accelerate the continent’s goals for Agenda 2063 and the African Continental Free Trade Agreement.
Deputy Director-General of the Department of Trade, Industry and Competition (DTIC), Lerato Mataboge, stated that South Africa’s stable regulatory environment is favorable for African investments, with recent visa reforms supporting easier business exchanges. Sola Adegbesan, President of the South Africa-Nigeria Business Chamber, noted that Nigerian investment in South Africa has room to grow, with the Chamber ready to support new initiatives and help Nigerian companies navigate investment opportunities.
In addition to easing trade barriers, industry leaders stressed that understanding South Africa’s trade policies and investment priorities is crucial for Nigerian businesses seeking to operate in the country. Bongi Kunene, Managing Director of the Banking Association South Africa, highlighted the importance of clear procedures to ensure smooth trade operations.
JMACITI’s Advisory Councils, coordinated by the DTIC and Nigerian officials, have identified eight priority sectors for growth, including financial services, manufacturing, digital economy, energy, and agribusiness.
With South Africa currently leading Africa’s economies with a GDP of over $373 billion, and Nigeria ranking fourth at $252 billion, the two nations’ collaboration is seen as essential for mutual economic growth across the continent.
