Africa had the potential to overcome poverty but would need the continent’s two economic powerhouses – South Africa and Nigeria – to work together.

This was the view of two leading businessmen from the two countries who took part in a session at the World Economic Forum on Africa taking place in Durban, in South Africa, this week.

At the session entitled “Update on South Africa and Nigeria” at the Durban International Convention Centre, increased collaboration and support between the two countries was listed as key.

Kuseni Dlamini, chairperson of Massmart Holdings in South Africa and a Young Global Leader, said that with cooperation between the countries, intra-continental trade could be increased by 20%.

Dlamini said: “This has the potential to reduce poverty. Yes, there are issues, but we need to look beyond the ratings and the downgrades and focus on an investment recovery plan so that the whole continent benefits.”

He added that investment in small to medium-sized businesses was where growth could be created.

“We need to give these businesses access to credit and help them grow. It’s easy to look to big business, but we will see more growth in this area,” Dlamini said. “If South Africa and Nigeria collaborate, the challenges facing Africa will be a problem of the past and we can become a first world continent in a generation.”

Danladi Verheijen, also a Young Global Leader and co-founder and chief executive officer of Verod Capital Management in Nigeria, said the West African country had one of the fastest growing economies.

“At one point, Nigeria was one of the world’s top consumers of champagne. We were a highly consumer-driven market. South Africa can find growing markets in Nigeria and, in turn, Nigeria can find skilled labour from South Africa.”

The panel, which also included Haruki Hayashi, executive vice president and regional CEO of Mitsubishi Corporation, concurred that there should be greater investment in both countries to ensure their economies were strengthened for the sake of the continent.