Market News

By Okwy lroegbu-Chikezie

Nigeria has exported commodities worth $2.48 billion to South Africa in the past 24 months with Nigeria accounting for 64 per cent of South Africa’s trades in West Africa.

Nigeria’s Consular General to South Africa, Abdulmalik Ahmed said irrespective of recent challenges, the relationship between the two countries remain cordial.

He noted that South Africa is currently among the top 10 foreign investors in Nigeria, adding that Nigeria accounts for 64 per cent of South Africa’s trades with West Africa.

He noted that Nigeria is one of South Africa’s top three sources of crude oil, pointing out that Nigeria in 2020 was South Africa’s top import market in Africa, and sixth globally after China, Germany, USA, India and Soudi Arabia.

“Over the years, South Africa imported R35 billion or $2.48 billion worth of goods, predominantly, crude oil from Nigeria. The economic relationship can be described as win-win situation. For both economies, the balance of relationships is actually in favor of South Africa.

“It is therefore imperative that steps are taken to consolidate these ties and to nip in the bud any irritants to this partnership. It is our hope that the coming into force of the African Continental Free Trade Area (AfCFTA) providing tariff-free access to market of over 1.3 billion people will further provide impetus to depend the economic relations between the two countries,” Ahmed said.

According to him, the mission will provide the relevant guidelines to businessmen and investors from both countries and it will also engage in trade exhibitions and investment forums in due course.

“Since my assumption of office in November 2020, I have undertaken familiarisation visit to Limpopo, Western Cape, where I met the provincial leaders, including the premier, mayor and commissioner of police. I also met with the Premier of Gauteng through the web,” Ahmed said.

He said these meetings extended the hands of fellowship and cooperation in enhancing the bilateral relationship between the two countries and issues partaining to the welfare of the Nigerian economy.

Regarding the perennial incidents of xenophobic attacks on Nigerians in Durban and environs in February 2021, he said, “I had a Consulate meeting with the KwaZulu-Natal Provincial Commissioner of Police on the issue. A follow up to that was the setting up of a joint consultative committee, comprising of the Mission, the Police and the Nigerian Community to gather timely information in order to forewarned and prevent further attacks.”