South Africa’s business delegation led by the Department of Trade and Industry is in Nigeria on the second leg of the Outward Trade and Investment Mission (OSIM).
The OSIM to Lagos, Nigeria, aims to increase trade and investment between South Africa and the West African nation.
The Acting High Commissioner of South Africa in Nigeria, Bobby Moroe, welcomed the delegation, saying the South African government invests in international trade and investment missions in order to assist companies to contribute to creating the much-needed jobs for the country’s people.
“As representatives of the government of South Africa we are entrusted with the task of enhancing political and economic relations between the countries we are posted in and South Africa.
“Our task is to promote cordial mutual bilateral relations that will enable us to position South Africa as a country of choice for bilateral trade and investment. It is the interaction between our political and economic relations that opens doors for our companies to engage in two-way trade and investment activities,” said Moroe on Thursday.
Meanwhile, Chief Director of Trade and Invest Africa, Zanele Sanni, said the visit to Nigeria is aimed at South Africa forming continuous and sustainable economic relations with West African countries. This is in order to advance industrial development and diversification.
“Nigeria is the biggest economy in Africa and one of the few countries that South Africa suffers a trade deficit with. The mission is therefore intended to penetrate the Nigerian market with South African manufactured products and to further exploit investment opportunities,” she said.
The Trade Invest Africa Initiative, which was created in April 2016, aims to be the arm of the Department of Trade and Industry (dti) that coordinates and implements South Africa’s economic strategy for Africa, premised on the Development Integration approach.
The total value of trade between South Africa and Nigeria for 2017 amounted to R28.5 billion.
Sectors targeted for the mission in Nigeria are agro-processing and agribusiness, furniture and wood processing, infrastructure as well as the built environment professionals.
The programme for the mission will include trade and investment seminars, site visits and business-to-business meetings.
The two-nation OSIM got underway in Ghana on Sunday.
Speaking ahead of the OSIM last week, Minister Rob Davies said South Africa has prioritised Ghana and Nigeria as part of the country’s integrated national export strategy.
“We have prioritised engagements with these two strategic markets as part of our integrated national export strategy aimed at developing new markets for South Africa’s value-added and manufactured goods, and services with an emphasis on Africa and emerging markets,” he said at the time.
The total value of trade between South Africa and Ghana for 2017 amounted to R5.5 billion, while with Nigeria for the same year it amounted to R28.5 billion.