meeting of the South AfricaâNigeria BNC, Abuja, Nigeria
24 February 2009
South African Deputy President, Ms Baleka Mbete, will today Monday, 23
February 2009 depart for Nigeria where she will lead a South African delegation
to the second review council meeting of the South Africa-Nigeria Bi-National
Commission to be held on Tuesday, 24 February 2009 in Abuja, Nigeria.
The Deputy President will be accompanied by a number of Ministers
participating in various sectors of the commission.
The review council meeting, which will be preceded by a meeting of officials
on 22 to 23 February 2009, will focus on:
* the status of bilateral political, economic and trade relations between the
two countries,
* strengthening of the structures of the BNC
* activities for the commemoration of the 10 year anniversary of the BNC
* political, socio-economic and continental and regional developments
* issues of global interest.
Nigeria is considered as one of South Africaâs most important partners on
the African continent in pursuing the vision of an Africa renewal. The visit of
the Deputy President will further enhance the very strong bilateral relations
that already exist between the two countries. Deputy President Mbete and her
delegation are scheduled to depart from Nigeria on 25 February 2009.
Bilateral Economic Co-operation
Nigeria is regarded as West Africaâs economic powerhouse, contributing over
40% of West Africaâs Gross Domestic Product (GDP). Petroleum plays a major role
in the Nigerian economy, accounting for 40% of the countryâs GDP.
With its large population and natural resources the country has become South
Africaâs most important trading partner on the continent. The trade relations
between Nigeria and South Africa registered substantial growth over the period
1999 to 2007, from R181 3578 000 to almost R11 billion in 2007. This increase
in growth can be attributed to an increase in the demand for energy resources
in South Africa; hence 98% of imports from Nigeria comprises of crude oil.
Over the years South African companies have become major players in almost
all sectors of the Nigerian economy. The biggest investment by South African
companies in Nigeria has been in the telecommunications sector. Other sectors
that South Africa is currently involved in include banking, property, retail,
media, mining, construction, tourism, agriculture, entertainment, and the fast
food franchising. These sectors still present a lot of opportunities for South
Africa and competition in these markets is still limited.
Exports to Nigeria:
* 2006: R4 001 100
* 2007: R4 833 688
* 2008: R1 536 947
Imports from Nigeria
* 2006: R9 285 923
* 2007: R12 480 199
* 2008: R1 536 074
Issued by: Department of Foreign Affairs
23 February 2009
