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Business
For Nigeria to balance trade with South Africa, there is need for diversification in the non-oil sector such as mining, agriculture and others, Deputy High Commissioner, Alexander Temitope Ajayi said yesterday.
Ajayi stated this while playing host to the Media Innovation Programme (MIP) cohorts, representatives of MTN and Pan-Atlantic University (PAU), who have been in South Africa on a study tour.
According to Ajayi, there was need for Nigerian businesses to expand their presence in South Africa as both country continue to work collaborate under the Bi-National Commission (BNC).
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He said there were a lot of gains for Nigeria to tap from South Africa’s advanced mining expertise, especially as the government of President Bola Tinubu was committed to diversification of the economy through solid minerals, Blue and Digital economies.
Ajayi said Nigeria last year held its first critical minerals investment roadshow in Johannesburg, seeking South African partnerships to develop its underutilised mining sector.
Noting how South African companies across sectors were entrenched in Nigeria’s economy, the envoy regretted that the reverse was the case in South Africa with only Dangote Group and recently Access Bank as big Nigerian corporations operating in that country.
“We need more Nigerian businesses in South Africa. When you quantify it, you discover that there are many South African businesses across different sectors operating in Nigeria but only a handful of Nigerian firms, like Dangote and Access Bank, have entered the South African market,” he said.
The envoy also pointed to gaps in the non-oil trade balance, explaining that although Nigeria records a favourable overall trade position with South Africa, it was largely due to crude oil exports.
Citing President Cyril Ramaphosa’s December 2024 call for stronger two-way trade, Ajayi said: “When you disaggregate the figures, you find that in the non-oil sector we are not doing well. That is where we need to promote more Nigerian goods on South African shelves.”
Speaking on the forthcoming G20 Summit slated for South Africa in November, Ajayi said Nigeria was playing a critical role and would host a high-level meeting in Abuja on Industrialisation and Agriculture on October 21–22.
He said the meeting was facilitated by South Africa’s G20 presidency and both countries’ drive to ensure that the African continent was well represented.
According to him, the meeting will bring together ministers of industry and agriculture from G20 countries and Africa to explore new frameworks for industrial growth, trade, and food security.
Ajayi also dismissed claims that it was difficult for foreigners to obtain Nigerian visa from the mission, noting that the process has been streamlined to ensure that applicants without issues are granted approval within 48 hours.
The Nation reports that the Defence Adviser for South Africa, Botswana, Lesotho, Madagascar, Mauritius and Kingdom of eSwatini, Commodore Ibrahim Gwaska, as well as other principal staff officers of the mission were in attendance.
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