South Africa and Nigeria will further get an opportunity to build on and strengthen their trade and investment relations following the State Visit to South Africa in May 2013. A delegation of about 40 South African business people will travel to Nigeria to participate in the Outward Selling and Investment Mission scheduled to take place in Abuja and Lagos from 2 to 6 December 2013. The delegation will be led by the Deputy Minister of Trade and Industry, Ms Elizabeth Thabethe.
The Outward Selling and Investment Mission is part of the Department of Trade and Industry's (the dti) Export and Investment Promotion Strategy that focuses on targeted high growth markets with the objective of creating investment and export opportunities for South African companies and of promoting South Africa as a trade and investment destination.
The target sectors for this mission are agro-processing, mining and capital equipment, engineering, chemicals, renewable energy and Information and Communication Technology (ICT). The programme will include Trade and Investment Seminars, business to business meetings and site visits in both cities.
Deputy Minister Thabethe says Nigeria is considered as one of South Africa's most important partners on the African continent and because of its large population and natural resources, the country has become South Africa’s most important trading partner on the continent.
“South Africa and Nigeria negotiated and signed bilateral agreements to facilitate and strengthen economic relations. These agreements are the Bilateral Trade Agreement signed in 1999, the Avoidance of Double Taxation Agreement signed in 2000, and the Reciprocal Promotion and Protection of Investment Agreement in 2002,” says Thabethe.
She adds that investment opportunities presented by Nigeria calls for a strategic move in terms of bilateral relations between the two countries.
According to Thabethe the mission is one of the efforts by the dti meant to promote intra-Africa trade which is essential for unlocking continental growth and facilitating economic integration. She says the mission will contribute positively to further expose trade opportunities available for South African businesses in Nigeria and further encourage Nigerian businesses to invest in South Africa.
Nigeria is a very crucial market for South Africa in the West African region. In the past year (2012), it accounted for 40% of South African exports into the region. Total trade between the two countries amounted to R36.6 billion in 2012. South Africa’s imports from Nigeria have increased quite considerably between 2010 and 2012, largely driven by the surge in oil and oil products imports from the Nigerian market.
Imports from Nigeria rose from R16.08 billion in 2010 to R30.5 billion in 2012, whereas South African exports to Nigeria have increased from R4.3 billion in 2010 to R6.09 billion in 2012. Although total trade between South Africa and Nigeria has increased substantially over the past three years, there is potential to increase the diversity of products and services trade between the two countries.
Enquiries:
Sidwell Medupe, Departmental Spokesperson
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
Follow us on Twitter: @the_dti
