Concerns have been raised about the decreasing number of South African companies doing business in Nigeria, a topic that was addressed during the 11th session of the Bi-National Commission held in Cape Town. South African President Cyril Ramaphosa hosted Nigerian President Bola Ahmed Tinubu, who led a delegation to South Africa for the important discussions.
The Bi-National Commission highlighted the growing bilateral relations between the two African economic powerhouses. Statistics reveal that Nigeria accounts for about 64% of South Africa’s total trade with the West African region, emphasizing the importance of strengthening business ties between the nations.
Minister of International Relations and Cooperation, Ronald Lamola, spoke to Newzroom Afrika following the discussions, confirming that the issue of declining South African businesses in Nigeria was thoroughly discussed. He noted that challenges, including taxation and access to business licenses, have contributed to the reduction in the number of South African entities operating in Nigeria.
Lamola also mentioned that work is underway at the political level to address these challenges and create a more favorable environment for South African businesses in Nigeria, as well as Nigerian businesses in South Africa. He highlighted that some South African companies in Nigeria have managed to thrive despite these hurdles.
Since the elevation of the Bi-National Commission to a presidential level in March 2016, both countries have engaged in several high-level exchanges, including President Ramaphosa’s visit to Nigeria for President Tinubu’s inauguration in May 2023. These visits have underscored the commitment to addressing the challenges facing bilateral business relations.
