The Deputy Minister of Trade and Industry, Mr Mzwandile Masina says Nigeria is an African economic powerhouse that has a critical role to play in the growth of the continent’s economy. Masina was speaking at the Trade and Investment Seminar that took place in Lagos, Nigeria yesterday, as part of the Outward Selling and Investment Mission organised by the Department of Trade and Industry (the dti).
According to Masina, Nigeria’s rise to Africa’s economy, presents unlimited investments and trade opportunities for South Africa.
“Nigeria has been experiencing rapid economic growth, averaging over 7% a year over the past decade, making it one of the world’s fastest growing economies and attracting investment around Africa and the rest of the world,” said Masina.
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He added that for South Africa and Nigeria to trade at an optimal level, there is work that still needs to be done in terms of further strengthening commercial and investment relations and focusing on new collaboration and trade partnerships in key areas of opportunities in the markets.
Masina also said that the two countries should work together to remove trade barriers, particularly the unbanning of some products from the Nigerian trade import prohibition list, in order to facilitate access of South Africa products into the Nigerian market.
He added for Africa to unlock its potential, it had to focus more on trade facilitation, including the simplification and modernisation of trade procedures.
Speaking at the same event, the Chairman of South Africa-Nigeria Chamber of Commerce, Mr Foluso Phillips said as an organisation, they support any investment and partnerships that would benefit both countries and create jobs.
He added that it was time for African businesspeople to start supporting each other in advancing each other’s courses.
