Nigeria and South Africa have inaugurated the Joint Ministerial Advisory Council on Industry, Trade, and Investment, marking a significant advancement in economic cooperation between the continent’s two largest economies.
The announcement was made by South African President Cyril Ramaphosa during the Nigeria-South Africa Business Roundtable in Cape Town, attended by key business leaders and government officials from both countries.
Nigerian President Bola Tinubu assured stakeholders of his administration’s dedication to fostering stability, security, and economic reforms aimed at attracting foreign investment. He urged South Africa to create a conducive business environment for Nigerian enterprises operating within its borders.
“This partnership is essential for our shared prosperity,” Tinubu stated, emphasizing Nigeria’s ongoing economic reforms designed to drive growth and investment.
President Ramaphosa highlighted the Council’s mission to address trade imbalances, resolve operational challenges, and diversify economic cooperation. He underscored the need for a balanced trade relationship that benefits both nations.
Both leaders reaffirmed their commitment to overcoming barriers affecting businesses and ensuring mutual growth.
The activation of the Joint Council is viewed as a crucial step in strengthening bilateral trade and investment, with the potential to foster sustainable economic development across Africa.
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