http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.58Change: 0.17
R/$ = 10.95Change: 0.02
Au 1201.61 $/ozChange: 2.45
Pt 1226.50 $/ozChange: -3.50
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Jul 28, 2008

SA, Nigeria must lead the way in Africa’s economic revitalisation

Back
 
Aviation|Construction|Engineering|Africa|Education|Exploration|Imo|Industry|Africa|Nigeria|South Africa|Banking|Oil And Gas|Retail|South African Department|Ikedi Ohakim|Tshediso Matona
Aviation|Construction|Engineering|Africa|Education|Exploration||Africa||Oil And Gas|||
aviation|construction|engineering|africa-company|education-company|exploration|imo-company|industry-company|africa|nigeria|south-africa|banking|oil-and-gas|retail|south-african-department|ikedi-ohakim|tshediso-matona
© Reuse this



South Africa and Nigeria, as the two leading economies on the African continent, had the responsibility to pull Africa out of poverty and political instability by forging broader economic cooperation, commented the governor of Nigeria's Imo state Chief Ikedi Ohakim during the Nigeria-South Africa Business Forum on Monday.


"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
Industrialisation remains a major part of the South African developmental agenda and an important vehicle towards achieving the Department of Trade and Industry’s (DTI’s) target of creating 100 black industrialists in the next five years, Trade and Industry...
South Africa had a moral and business obligation to aide the growth of its neighbours and Zimbabwe was moving to put its best foot forward to ensure it attracted the investment it needed to bolster its industrialisation and development programmes from South Africa....
There were signs of progress this week on the long-awaited Tripartite Free Trade Agreement (T-FTA), which has been under discussion between the Common Market of Eastern and Southern Africa, the East African Community and the Southern African Development Community...
More
 
 
Latest News
Industrialisation remains a major part of the South African developmental agenda and an important vehicle towards achieving the Department of Trade and Industry’s (DTI’s) target of creating 100 black industrialists in the next five years, Trade and Industry...
The construction of a new innovation hub in the heart of the Dube TradePort, in Durban, was set to kick off in March 2016, as Dube TradePort Corporation sealed a R160-million lease agreement with Eureka Capital. Eureka Capital planned to develop a seven-storey 21 500...
South Africa will become the first African country to host the Organisation for Economic Cooperation and Development’s (OECD’s) Steel Committee Conference when the committee’s seventy-seventh session takes place in Cape Town between December 11 and 12. The...
More
 
 
Recent Research Reports
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
 
 
 
 
 
This Week's Magazine
JSE-listed real estate investment trust (REIT) Rebosis Property Fund achieved a distribution growth of 8.1% to 99.45c per linked unit in the financial year ended August 31, despite volatile market conditions.
JAMES ROBERTS The MOM incubator was designed to help babies in developing nations who were dying in conflict-struck nations or who do not receive hospital care
A low-cost, inflatable incubator won this year’s international James Dyson design award, which aims to encourage and inspire the next generation of design engineers.
The World Bank released its ‘Doing Business 2015: Going Beyond Efficiency’ report last month and ranked South Africa 43 out of 189 global economies for its ease of doing business, with Singapore topping the rankings.
Air Products South Africa officially launched its R300-million Eastern Cape air- separation unit (ASU), at its new manufacturing facility in the Coega Industrial Development Zone (IDZ), earlier this month. It is the second facility that Air Products launched in South...
BMW South Africa (SA) has signed a power purchasing agreement with energy company Bio2Watt. The offtake partnership will bring renewable energy to the carmaker’s Rosslyn plant, north of Pretoria.
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks