The Department of Trade and Industry (DTI) continued to promote its Export and Investment Promotion Strategy, with Trade and Industry Deputy Minister Elizabeth Thabethe set to lead a 40-person delegation to Nigeria.
The department’s Outward Selling and Investment Mission, which would take place in Abuja and Lagos from December 2 to 6, would focus on exposing South African companies to trade, investment and export opportunities, while promoting South Africa as a trade and investment destination to Nigerian businesses.
The agroprocessing, mining and capital equipment, engineering, chemicals, renewable energy and information and communications technology sectors would be specifically targeted during the four-day mission, the programme of which included trade and investment seminars, business-to-business meetings and site visits.
“Nigeria is a very crucial market for South Africa in the West African region. In 2012, it accounted for 40% of South African exports into the region,” said Thabethe.
Imports from Nigeria increased from R16.08-billion in 2010 to R30.5-billion in 2012, while South African exports to Nigeria have increased from R4.3-billion in 2010 to R6.09-billion in 2012.
Total trade between the two countries reached R36.6-billion last year, representing a “considerable” increase driven by the surge in oil and oil products imported from the Nigerian market.
“Although total trade between South Africa and Nigeria has increased substantially over the last three years, there is potential to increase the diversity of products and services traded between the two countries,” Thabethe concluded.