Potential for SA, Nigeria to diversify trade portfolio – Thabethe
Trade and Industry Deputy Minister Elizabeth Thabethe has said that, although total trade between South Africa and Nigeria had substantially increased since 1999, there remained potential to diversify the two countries’ trade portfolio and basket, further increasing bilateral trade.
Speaking at a trade and investment seminar in Abuja, Nigeria, on Monday, as part of South Africa’s outward selling and investment mission to the country, she held that South Africa needed to further strengthen its trade and economic ties with its continental counterpart.
“Since 2003, 28 large-scale foreign direct investment projects from South Africa have invested R35.3-billion in Nigeria, with an estimated 5 505 jobs created in Nigeria from these projects,” she commented, adding that investment had been channelled to the telecommunications, financial, property and retail sectors.
Thabethe noted that other “big” investments were being planned for the Nigerian market that would contribute “immensely” to the country’s economy.
South African High Commissioner to Nigeria Ambassador Louis Mnguni added that the partnership between Nigeria and South Africa should be centred around ensuring that African poverty was eradicated.
“Economic growth means nothing if it is not translated into development of the people of both countries. We salute businesspeople from South Africa and Nigeria as they [develop] their business relations,” he commented.
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