JOHANNESBURG – South African president Cyril Ramaphosa and his Nigerian counterpart, Muhammadu Buhari, have agreed to promote greater investment from Nigerian companies in South Africa.
"We noted with appreciation the increasing presence of South African companies in Nigeria, and agreed on the need to promote greater investment by Nigerian companies in South Africa," said Ramaphosa on Thursday.
He was speaking in Tshwane after the elevated session of the bi-national commission (BNC) between South Africa and Nigeria. Ramaphosa described the session as a platform to re-energise and deepen political, trade, investment and people-to-people relations between the countries.
Nigeria accounts for 64 percent of South Africa’s total trade with the West African Region and is one of the country's largest continental trading partners.
"As part of our efforts to increase economic cooperation, a Nigeria South Africa Business Forum is meeting today comprising business delegations from both countries. We will urge our business people to take advantage of the great opportunities in our respective countries for trade, investment and collaboration.