Home Headline Nigeria will enhance economic cooperation with South Africa-Enelamah

Nigeria will enhance economic cooperation with South Africa-Enelamah


Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, has said Nigeria will enhance economic cooperation with South Africa in order to advance Africa’s agenda.

Enelamah made the statement at a meeting of Nigeria and South Africa business forum in Abuja on Wednesday.

“No nation ever develops without a partnership between governments so I believe with the visit we will have strong partnership, cooperation and engagement between our governments and our businesses,” he said

Enelamah said the two countries needed strong political will at the highest level to implement the entire agreement signed to move Africa forward.

He said the ambition and expectations of achieving the reality of the two countries were high.

Enelamah said to achieve such ambition and expectations there must be a strong political will and leadership at the highest levels of government.

“We must also have strong commitment for implementation and execution which will be at the level of our business.

“All the players are represented so we have no excused not to provide this leadership and implement what we have agreed,’’ he said.

Enelamah said the objective of the two countries was to diversify the economy and move the value chain in Africa.
He said the countries needed to work hard to capture the value chain, adding that the implementation must be at the business level.

Enelamah said Nigeria’s industrial revolution plan, known as ‘Nigerian industrial revolution plan’, was designed to provide incentives to both domestic and foreign investors.

In his speech, the South African President, Mr Jacob Zuma, said Nigeria’s support to liberation struggles in Southern Africa had a special place in the history of the African continent.

Zuma said the global economic downturn had impacted both economies due to the falling prices of commodities from which they earned revenues.

He said the development had made it more urgent that the countries diversified their economies from commodities and fast track industrialisation and regional integration efforts.

“In this regard, I am glad that regional integration is an important aspiration of the African Union’s (AU) Agenda 2063 to which both countries subscribe.

“The planned integrated market in Africa will see a market of over one billion people and approximately 2.6 trillion dollars,’’ Zuma said.

He said businesses in both countries should also begin pursuing opportunities that would result from regional integration and intra-Africa trade efforts which would create the Continental Free Trade Area.

Zuma said the economies should be at the helm of ensuring sustainable economic and inclusive growth through the creation of a larger regional market and improving Africa’s integration in the global economy.

“In our talks, we have also committed to provide an enabling environment for business to take place and for people, goods and services to be able to move much easier between the two countries.

“Let me congratulate Nigeria on the measures that have been put in place to promote the ease of doing business and to revive some sectors of the economy,’’ he said.

He said South Africa was encouraged by the work that had been done by Nigeria to revive the automotive industry.

“We will continue with the technical and industrial cooperation commitments agreed upon by the two countries,’’ Zuma said

He commended Nigeria on the implementation of the Nigeria Industrial Revolution Plan, which provides actionable industrialisation plans in specific sectors, such as agro-processing, mineral beneficiation as well as the oil and gas Sectors.

“Some of these partnerships will be enabled by our development finance institutions which have been mandated to establish their presence in several African countries.

“The Industrial Development Cooperation (IDC) has been set up to promote economic growth and industrial development.

“It supports commercially sustainable industrial development and innovation to benefit both South Africa and the continent as a whole,’’ he said.

Zuma said IDC had discussed with the Ministry of Solid Minerals Development on future collaboration to develop the mining sector in Nigeria.

He added that IDC was also exploring other avenues of investment and had led sessions on opportunities for partnerships during his visit.

“Our Export Credit Insurance Corporation (ECIC) is mandated to provide political and commercial risk insurance as well as medium- and long-term export credit and investment insurance.

“Furthermore the South African Bureau of Standards will be cooperating with its Nigerian counterpart in the harmonisation of standards, quality, accreditation and measurements in terms of trade facilitation,’’ Zuma said.

He said the two countries would unite and work together toward achieving the vision of a prosperous Africa in which all citizens would benefit.

“Our two countries should also unite in bringing about peace and stability in the continent through providing maximum support to the peace and security efforts of the African Union,’’ he said