Industrialization, Infrastructure, Trade Topped South Africa Talks
1 July 2013
Last week, President Goodluck Jonathan led a delegation to the World Economic Forum (WEF) on Africa, which opened in Cape Town, South Africa on Wednesday. What has the delegation returned with?
Jonathan left Abuja on Monday for a two-day state visit ahead of the economic forum meeting. Jonathan and his South African counterpart Jacob Zuma discussed ways to boost trade between the Africa's two biggest economies and signed a couple of Memoranda of Understanding (MoU).
Discussions centered on industrialisation, infrastructure development and the enormous opportunity for businesses in both countries. Specifically, the forum focused on mines, power, banking, finance, oil and gas.
The two countries already have a bilateral relations, structured through the Bi-National Commission which was inaugurated in 1999. As result, over 100 companies in South Africa are doing business in Nigeria. MTN and Multichoice, all telecommunication companies are the biggest investments so far. MTN is Nigeria's largest mobile operator, with more than 47million subscribers. Nigerian delegation held separate meetings with MTN and representatives of car manufacturers Toyota and Nissan.
The thrust of this summit includes accelerating economic diversification, boosting strategic infrastructure and unlocking Africa's talent.
Jonathan who on Tuesday, at the start of the Nigeria/South Africa Business Forum in Cape Town noted that Nigeria and South Africa must give priority to intra-regional trade and play leading roles in boosting inter-regional trade on the continent said the forum is expected to bring significant improvement to trade and investment between Nigeria and South Africa.
He said the success story of the forum will not only bring about stronger bilateral and economic relation between the two countries but will strengthen bonds of business and friendship among Nigerians and South Africans.
"The forum is also expected to improve on other socio-economic activities, as well as increase the volume and value of trade between the two countries," Jonathan said.
Jonathan commended South Africa for the high standard of infrastructure development that made it to host major international events.