Nigerian Foreign Affairs Minister Geoffrey Onyeama says Nigeria is working hard to improve the business environment. This comes after some South African companies pulled out of the continent’s largest economy.
Onyeama has been hosted by International Relations and Cooperation Minister Naledi Pandor, in Pretoria, on Wednesday.
Pandor has also stressed that South Africa will always appreciate its bond with Nigeria and about 120 South African companies have a footprint in Nigeria.
The African giants say they are pretty satisfied with the progress made in solidifying their bilateral ties.
South Africa and Nigeria are strategic partners and they have a number of agreements to enhance trade and other areas of cooperation. Pandor says Nigeria provides trade opportunities for South Africa but there are some challenges.
“I have noted some South African companies have recently apparently found it difficult to operate in Nigeria. Some of the reported challenges include regulatory issues and non-tariff barriers. As a result, the number of South African companies operating in Nigeria has significantly decreased from 350 to the present 120 companies with the recent departures being Game, Shoprite, Sasol, etc,” says Pandor.
Minister Onyeama says they are working hard to improve the business environment. “We, from our side, have to keep working to make our country an investor-friendly. We appreciate. We are not where we should be and it’s at the highest level of government. We have to lure back those South African retailers and businesses and get them back,” says Onyeama.
Pandor says over 120 South African companies have a footprint in Nigeria, but she says Nigerian companies should seek opportunities in South Africa as well.
“We are making strides in encouraging Nigerian businesses to invest in South Africa, one of the discussion areas is around the lack of access to financial institutions. I am glad that access bank in South Africa,” Pandor added.
And there are well wishes as Nigeria heads to the polls in 2023.
“We would like to extend good wishes from South Africa to your government and people of Nigeria as you prepare to have presidential and national assembly elections,” Pandor reiterates.
“We hope and our intends in February to deliver peaceful, free and fair elections in Nigeria,” Onyeama added.
Meanwhile, in 2023, the two nations will celebrate 29 years since they established diplomatic relations.
