Nigeria to boost economic ties with South Africa: What to expect?

Chief Bola Ahmed Adekunle Tinubu, the current President of Nigeria, wants to establish stronger economic and diplomatic ties with South Africa. Nigeria and South Africa aim to build a good partnership in order to tackle Africa continent’s economic challenges. 

What can Nigerians and South Africans expect? Can the two countries boost their economic ties? What did Bola Tinubu say? 

Bola Tinubu calls for deeper economic ties with South Africa

Bola Tinubu met with South African President, Cyril Ramaphosa, in New York, on the sidelines of the United Nations General Assembly (UNGA) session on Monday. During the meeting, the Nigerian President called for stronger economic and diplomatic ties with South Africa. 

During a bilateral discussion with South African President, Bola Tinubu said that the African continent should have a consensus view about the hundreds of billions of dollars spent through International Development Finance Institutions, specialized development banks or subsidiaries. 

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The Nigerian President reportedly said, “You can’t have a stable democracy in the presence of a poverty of knowledge and a starvation of people. We must join hands and agree that International Finance Institutions require reform because Africa cannot be a ground for economic scavenging any longer.”

Bola Tinubu said that Nigeria and South Africa can collaborate in a mutually beneficial way for the development of the African continent.

What can Nigerians and South Africans expect?

During the meeting between Bola Tinubu and Cyril Ramaphosa, the Nigerian President said that South Africa’s businesses did well in Nigeria, especially in the Telecommunications sector. Dozens of South African businesses have entered the Nigerian market. In recent years, many Nigerian businesses have also entered the South African market. 

The South African President said, “We are two major economies on our continent.” The South African President agreed to cooperate with Nigeria. 

The two countries are already members of the Commonwealth of Nations and African Union. According to the United Nations data, South Africa exports to Nigeria was valued at US$470.39 million. Last year, the combined GDP of the two countries was nearly $900 billion. 

According to experts and analysts, the combined GDP of Nigeria and South Africa is estimated to hit $1.8 trillion. Nigerians and South Africans can expect growing ties between the two countries. Trade between the two countries can also increase in the coming years.