In a significant move to strengthen economic ties, Nigeria and South Africa have operationalised the Joint Ministerial Advisory Council on Industry, Trade, and Investment.
Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy said the announcement was made by South African President Cyril Ramaphosa during the Nigeria-South Africa Business Roundtable held on Tuesday in Cape Town.
The council, first launched in 2021 during President Ramaphosa’s State Visit to Nigeria, aims to resolve trade and investment challenges, foster policy alignment, and create a conducive environment for business growth in both nations.
The full activation of this council is expected to enhance cooperation between the two largest economies in Africa.

President Tinubu, representing Nigeria at the event, assured investors that Nigeria is open for business.
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He emphasised the country’s commitment to ensuring stability, security, and the rule of law to create a favorable environment for businesses.
“We are implementing stringent but positive economic reforms to serve our people and drive prosperity across Africa. You will not find better returns on investment elsewhere than in Nigeria”, Tinubu stated.
The Nigerian leader further pledged to address barriers that have discouraged South African investors in Nigeria and urged South Africa to reciprocate by providing a welcoming environment for Nigerian businesses.
He reiterated the commitment of Nigerian and South African officials to collaborate on the mandates of the Bi-National Commission.
Highlighting the interconnected destinies of the two nations, Tinubu said, “Nigeria and South Africa are co-joined twins tied by the hips not only for survival but for the prosperity of our people.”
President Ramaphosa expressed optimism about the operationalisation of the advisory council, noting its potential to resolve trade-related challenges and diversify economic ties beyond oil and gas.
“South Africa runs a significant trade deficit with Nigeria, primarily due to oil and gas imports. Diversifying our trade relations will ensure a mutually beneficial partnership,” Ramaphosa said.
He also acknowledged the presence of South African companies in Nigeria and welcomed the growth of Nigerian businesses in South Africa.
Both leaders recognised lingering operational challenges for companies in their respective countries but affirmed their commitment to addressing these issues to foster a more robust economic partnership.
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The roundtable, attended by business leaders, government officials, and trade stakeholders, marks a renewed effort to deepen cooperation between Nigeria and South Africa, aiming to unlock opportunities for growth and development across the continent.