The Deputy Minister of Trade and Industry, Ms Elizabeth Thabethe says there is much potential between South Africa and Nigeria in terms of trade and investment. She was speaking at the Trade and Investment seminar held in Abuja, Nigeria as part of the Outward Selling and Investment Mission currently taking place there.
Thabethe said although total trade between South Africa and Nigeria increased substantially since 1999, there remained potential to diversify the trade portfolio and basket and further increase total bilateral trade. It is envisaged that this will lead to further opportunities of trade between the two countries.
“South Africa recognises the need to further strengthen our trade and economic ties hence this mission, to give our business people an opportunity to engage,” she added.
According to Thabethe, a lot of work has been done by both countries on the business side and many South African companies have invested in Nigeria.
“The total large scale Foreign Direct Investment (FDI) projects from South Africa to Nigeria from 2003 to date are 28 and amounting to R35,3 billion. The jobs that have been created in Nigeria from these FDI projects are estimated at 5 505,” she said.
She added that the investment projects were in sectors such as telecommunications, financial institutions, property, and retail, amongst others.
“There are other planned big investments that are yet to enter the Nigerian market and judging by the way the current investments are doing, these projects will contribute immensely to the Nigerian economy,” she said.
Thabethe also encouraged Nigerian business people to invest in South Africa and to take advantage of available opportunities to match-make and ensure that there is value that comes out of this mission to Nigeria.
The South African High Commissioner to Nigeria, Ambassador Louis Mnguni said the partnership between Nigeria and South Africa should be centred around making sure that Africa rises and poverty is ended. He said economic growth does not mean anything if it is not translated into development of the people of both countries.
“We salute business people from South Africa and Nigeria as they already started business relations and the relations are growing tremendously,” said Ambassador Mnguni.
Deputy Minister Thabethe addressing delegates at a trade and investment seminar in Abuja
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