Jul 28, 2008
SA, Nigeria must lead the way in Africa’s economic revitalisationBack
Construction|Engineering|Africa|Aviation|Education|Exploration|Africa|Oil And Gas
© Reuse this
"Africa cannot afford to continue to wallow in instability. The world is not waiting for Africa. The world is moving fast away from us. The gap between Africa and the west is widening each day. Leaders can no longer hide behind their borders. So African leaders must keep step with the world," said Ohakim.
The South African Department of Trade and Industry's director-general Tshediso Matona agreed that the two countries had the responsibility and capacity to provide leadership to "revitalise" the African economy.
He noted that there was a trade imbalance between the two countries and that trade diversification was one area that required work.
South Africa had a growing presence in Nigeria in a number of sectors, including engineering, construction, aviation, media, oil and gas, exploration, hospitality, banking and retail.
Matona said South Africa would like to see growing trade and investment from Nigeria in South Africa. "Our economy is open to investors from Nigeria," he commented, adding that trade with Nigeria was part of a broad long-term strategy of government to link up with high-growth strategic partners on the continent.
Further, Matona appealed to Nigeria to look at the issues of protectionism, high levels of tariffs and trade barriers that impeded trade.
Matona stated that while Nigeria's trade policies seemed to be heading in the right direction, there were areas where the country could open up its trade to benefit the Nigerian economy further.
Meanwhile, Ohakim said that while Nigeria was the biggest oil and gas producer on the continent, and Africa had a bigger role to play in the international oil and gas arena, the continent had to deal with its political instability.
He explained that of the 53 African countries, only 16 were fully democratic, while only ten were peaceful.
Ohakim added that for every year a country achieved poor economic performance, it set that country's growth back by ten years. "We must invest in education and skills [development]," he noted, saying this was a key issue that needed to be addressed.
He noted that African countries could learn from South Africa, which he described as a first-world country in a third-world continent that had "aptly demonstrated that the difference between us and the rest of the world was not due to geographical location, but the determination to excel".
He concluded that if Nigeria were to reach the stability required to establish internal trade between the two countries, and if the new partnership for Africa's development, or Nepad, were to succeed, Nigeria and South Africa had to lead the way in economic cooperation.
Edited by: Mariaan Webb© Reuse this Comment Guidelines (150 word limit)
Other Trade News
Article contains comments
Recent Research Reports
Steel 2015: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2015 report provides an overview of the key developments in the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon...
Projects in Progress 2015 - First Edition (PDF Report)
In fact, this edition of Creamer Media’s Projects in Progress 2015 supplement tracks developments taking place under the Renewable Energy Independent Power Producer Procurement Programme, which has had four bidding rounds. It appears to remain a shining light on the...
Electricity 2015: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
This Week's Magazine
Forest products group Sappi has confirmed the selection of its 25 MW biomass-to-power project, to be erected at its Ngodwana mill, in Mpumalanga, as a preferred bidder under the South African government’s Renewable Energy Independent Power Producer Procurement...
Information and communications technology (ICT) distributor DCC is making Windows- and Android-operating systems tablets available through retailers and education equipment suppliers to provide school children with affordable, high-performance education tools. The...
Another cement manufacturer is set to enter the Ugandan market, raising hopes that prices will come down and spur growth in the construction industry. National Cement, a Kenyan manufacturer, has unveiled plans to invest $195-million in a new manufacturing plant in...
With growth rates exceeding that in the developed world – at an average of between 4% and 5% between 2002 and 2014 – African countries provide investors with ample reason to tap into booming consumer demand says Manufacturing Circle executive director Coenraad...
The South African Chamber of Commerce and Industry’s (Sacci’s) Business Confidence Index (BCI) decreased by 3.7 index points month-on-month to 89.1 in March.