International Relations and Cooperation Minister Ronald Lamola said on Monday that to galvanise economic cooperation and build upon the already established sectors that South African and Nigerian investors focus on in these markets, the identification of bankable projects, particularly in infrastructure development, is one of the key priorities the countries should jointly pursue.

Lamola was speaking in Cape Town, during the Ministerial Session of the eleventh session of the Bi-National Commission (BNC) between South Africa and Nigeria, where he pointed out that the large sizes of South Africa's and Nigeria’s economies dictated that the countries’ economic collaboration should be yielding much bigger results.

He said it was crucial for both countries to expand trade relations and use opportunities provided within the framework of the African Continental Free Trade Area Agreement.

“Our bilateral trade needs to reflect the enormous potential that is abundant in our countries,” he added.

He highlighted that when the tenth session of the BNC was held in 2021, in Nigeria, the deliberations, discussions and priorities identified were focused and constructive.

“This session will therefore continue with the objective of further consolidating relations, to take stock and assess progress already made in implementing the decisions of the previous session and following up on the outcomes of the review meeting held last year,” Lamola said.

He highlighted that whilst progress has been made in achieving the objectives, it was also apparent that more work must be done to realise goals, to the mutual benefit of both nations.

One of the overriding imperatives of the countries’ bilateral relations is the need to increase investment and trade relations to higher levels.

He explained that enhanced people-to-people relations were critical in promoting understanding, friendship and shared values, but also in promoting tourism, creative industries, sporting events, and educational and scientific collaboration.

“This will also allow our citizens to appreciate the rich tapestry of diverse cultures and heritage that exists in our respective countries,” he said.

PEACE AND SECURITY

Meanwhile, Lamola stated South Africa was concerned by the state of security in some parts of the continent and globally.

“The world is becoming fragmented and fragile, challenging the foundations that are important for anchoring a peaceful world. Multilateralism is under threat as the temptation to resort to force is becoming a feature of inter-State relations in certain regions. Our continent is also grappling with a few conflict and war situations in some regions,” he said.

He said that as South Africa and Nigeria deepened bilateral collaboration, they could not avoid the historical responsibility to be responsive to the challenges in the regions, the continent and the international sphere. 

“As we seek to strengthen our global institutions to be responsive to the needs of all States, reform of some of these institutions has become paramount. It is important that progress is realised in the current engagements aimed at reforming the United Nations Security Council. This organ of the United Nations needs to be more inclusive,” said Lamola.