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Nigeria-South Africa trade volume grows to $30


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Nigeria

The relationship between Nigeria and South Africa has seen trade volume between the two countries expand significantly to $30 billion, Kingsley Mamabolo, South African High Commissioner to Nigeria has said. 
However, the trade relationship is in favour of South Africa which presently has a more diversified economy and according to Mamabolo, trade volumes would rise considerably in coming years, particularly as his country is taking a resolution to look to Nigeria for oil and crude oil needs.

Speaking during the official at the openning of the Abuja shopping mall which was developed by the Grand Tower African Property Fund, Novare South Africa with Stanbic IBTC, he saids, “We are very happy with the development of the bi-national commission and we are looking forward to many other issues. I can actually say that in the next five years, we would want to increase investments. I do not know how much but there is a great potential here. 

For example, the one announcement that was made during the bi-national commission is that South African must begin to look towards Nigeria for his oil and crude oil.

“That is going to make a huge difference in terms of the volume of trade because as you know, Iran and many other countries are probably going to be under sanction and so on, so Nigeria is going to be our focus as to where we get oil and that is going to increase our trade volume tremendously.

Popular Shoprite, a South African retail shop is the anchor food tenant in the Abuja shopping mall which also houses a variety of international, national and local stores.

Grand Tower African Property Fund, Novare South Africa with Stanbic IBTC, DTV and Group 5 as partners, generated $100m for investment in West Africa with Nigeria as the primary focus and Abuja considered as the first beneficiaries of the fund.

According to Mamabolo, the mall exemplifies what he termed, ‘the good existing relationship” between Nigeria and South Africa and which according to him must be strengthened not just for the benefits accruing to the two countries but anticipated gains to the entire continent.

“I must say that I am very proud of this investment because to me, it is one indication once again that Nigeria and South Africa have no alternative but to be together. We absolutely have to be together, such that whatever South Africa might have as an advantage, Nigeria can share and vice versa.

“Although sometimes, we cross lines and we miss the point entirely, we focus on some very wrong things, there is no fight between us the point is that we need to work together because politically, economically and otherwise, the two countries need each other.
“Politically Nigeria has supported South Africa during

Article credit: Businessday Newspaper

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Updated 7 Years ago
 

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