Ministers and Deputy Ministers;
Representatives of the Nigerian Investment Promotion Commission;
Representatives of Organised Business from both Nigeria and South Africa;
Captains of Industry;
Distinguished Guests;
Let me once again, thank His Excellency President Buhari, the Nigerian government as well as the people of Nigeria for the warm welcome to me and my delegation. It is a distinct pleasure for me to be addressing this forum of both South African and Nigerian business delegates, on the occasion of my State Visit to Nigeria.
Your participation in this State Visit as business people from both countries contributes immensely to the advancement of relations between South Africa and Nigeria, especially at an economic level. We view this State Visit as being truly significant as it has taken relations between our two countries to a much higher level. The Visit has sought to further deepen the historic relations between South Africa and Nigeria, which were forged during the struggle for liberation in our country.
We held very productive discussions yesterday between the two governments. The relations between the two countries are managed through a Binational Commission. We have taken an important decision to elevate the Commission to head of state level.
The South Africa-Nigeria Binational Commission will thus be chaired by President Buhari and myself and we will take full responsibility for managing relations between the two leading economies on the African continent.
In our discussions with President Buhari yesterday we noted with satisfaction the ever growing cooperation in many sectors including trade and investment; defence and security; immigration matters; energy; mineral resources, to mention but a few. We agreed on the need to further deepen economic cooperation.
In this regard, we have agreed to formalise the South Africa-Nigeria Business Council, as it is an important instrument that will assist us in managing and advancing the economic relations between the two countries.
South Africa is optimistic about the further growth of economic ties between the two countries. Nigeria has opened up its economy to South African companies in various sectors such as engineering, telecommunications, construction, aviation, media, hospitality, banking, hospitality, entertainment, property, retail, and oil and gas exploration services.
We welcome this significant development. We would like to see the numbers of Nigerian investments in South Africa also increasing, as we promote two way trade between these two nations.
Mr Vice President
Esteemed delegates
We take note of the fact that this State Visit takes place during a depressed economic climate globally. The global economic downturn has impacted both our economies due to the falling prices of the commodities from which we gain much of our revenue.
These developments have just made it more urgent that we diversify away from our reliance on raw materials and fast track our industrialisation and regional integration efforts. In this regard, I am glad that regional integration is an important aspiration of the African Union's (AU) Agenda 2063 to which both countries subscribe. The planned integrated market in Africa will see a market of over one billion people and approximately two point six trillion US dollars.
Business in both countries should also begin pursuing opportunities that will come about as a result of regional integration and intra-Africa trade efforts which will create the Continental Free Trade Area. Against this backdrop, our two leading economies should be at the helm of ensuring sustainable economic and inclusive growth, through the creation of a larger regional market and improving Africa's integration in the global economy.
In our talks, we have also committed to provide an enabling environment for business to take place and for people, goods and services to be able to move much easier between the two countries.
Let me congratulate Nigeria on the measures that have been put in place to promote the ease of doing business and to revive some sectors of the economy. For example, we are encouraged by the work that has been done by Nigeria to revive the automotive industry. We will continue with the technical and industrial cooperation commitments agreed upon by the two countries.
We further commend Nigeria on the implementation of the Nigeria Industrial Revolution Plan, which provides actionable industrialisation plans in specific sectors such as agro-processing, Mineral Beneficiation as well as the Oil and Gas Sectors.
We have also noted with interest the measures aimed at the beneficiation of abundant natural resources. We thus look forward to partnering with Nigeria in taking forward some of these plans. Some of these partnerships will be enabled by our development finance institutions which have been mandated to establish their presence in several African countries.
The Industrial Development Cooperation (IDC) has been set up to promote economic growth and industrial development. It supports commercially sustainable industrial development and innovation to benefit both South Africa and the continent as a whole. With respect to Nigeria, the IDC is in discussions with the Ministry of Solid Minerals Development on future collaboration to develop the mining sector in Nigeria.
The IDC is also exploring other avenues of investment and has led sessions on opportunities for partnerships during this visit. Our Export Credit Insurance Corporation (ECIC) is mandated to provide political and commercial risk insurance as well as medium- and long-term export credit and investment insurance. Furthermore the South African Bureau of Standards will be cooperating with its Nigerian counterpart in the harmonisation of Standards, Quality, Accreditation and Measurements in terms of trade facilitation.
Honoured business delegates,
We have also listened with keen interest to the challenges that you have put forward to the two governments. As the two leading economies on the continent, our governments are obliged to create environments that enable seamless trade and make our countries attractive for both local and international investment.
Our Ministers and their teams are already engaging at different levels with the private sector to find amicable solutions to some of the challenges that you have highlighted. I trust that in your deliberations during the sector breakaways you have concretised avenues of continuing, increasing and encouraging both trade and investment initiatives in our respective economies.
By working together, both South African and Nigerian companies will contribute meaningfully to the Developmental Agenda of the African continent as a whole.
Our message as we conclude the State Visit today, is that South Africa and Nigeria should unite and work together towards achieving the vision of a prosperous Africa in which all of its citizens benefit from its natural resources.
The abundant mineral wealth in our continent which is making other continents richer, must improve the lives of Africans. It must help us defeat poverty, disease and helplessness amongst our peoples.
Our two countries should also unite in bringing about peace and stability in the continent, through providing maximum support to the peace and security efforts of the African Union. Our people need peace. They need development, and they need to see their lives getting better every day.
This State Visit has given me great hope that Nigeria and South Africa are ready to work together more than ever before, in the promotion of prosperity, good governance, peace and security and a better life for our peoples.
Let me thank the government and people of Nigeria for this very successful State Visit.
Let me also thank you as business people for your participation in this forum. Let us work together in partnership, towards a better Africa.
I thank you!
