Nigeria and South Africa have officially launched the Joint Ministerial Advisory Council on Industry, Trade, and Investment, marking a significant milestone in their efforts to strengthen economic cooperation and foster growth between the two prominent African nations.

This development, announced by South African President Cyril Ramaphosa on Tuesday during the Nigeria-South Africa Business Roundtable in Cape Town, signals a new era of partnership aimed at boosting trade and investment across both countries.

During the roundtable, Nigerian President Bola Tinubu reassured the gathering of business leaders, government officials, and trade stakeholders that Nigeria is fully open for business.

He emphasized that the country is committed to providing a stable environment, bolstered by security and the rule of law, where businesses can thrive.

His remarks were aimed at addressing concerns that may be deterring South African investors from expanding their businesses and franchises in Nigeria.

Tinubu also called for South Africa to reciprocate, urging the country to create an environment that allows Nigerian companies to flourish within its borders.

President Tinubu reiterated Nigeria’s commitment to improving its investment climate, noting that the government is working tirelessly to remove obstacles and facilitate the growth of businesses.

He also highlighted the ongoing economic reforms that are already starting to bear fruit.

These reforms, he said, are designed to serve the people of Nigeria and contribute to Africa’s overall prosperity.

“Nigeria is undergoing stringent economic reforms that will serve our people and bring prosperity to the continent,” Tinubu remarked.

He further emphasized that Nigeria offers one of the best investment opportunities in the world, with returns that are unmatched elsewhere.

The focus of the meeting was on the operationalization of the Joint Ministerial Advisory Council, which was first introduced during President Ramaphosa’s State Visit to Nigeria in 2021.

The council was established to address critical trade and investment challenges, align policies between the two nations, and create a favorable environment for business growth.

Ramaphosa also recognized the strategic importance of both countries in their respective regions and the need to diversify their trade relations. While South Africa has a large trade deficit with Nigeria—largely due to oil and gas imports—both leaders acknowledged the necessity to move beyond a dependency on these industries.

They discussed the importance of diversifying trade, aiming to create a more balanced and mutually beneficial economic relationship.

“We are encouraged by the presence of South African companies in Nigeria, just as we welcome Nigerian companies in South Africa,” Ramaphosa said.

However, he also acknowledged that there are still challenges in the business environments of both countries that hinder the expansion of investment and sometimes complicate the operations of companies.