• Foreign investments safe, says Tinubu

South Africa is exploring an investment opportunity in Nigeria’s solid minerals sector to boost industrialisation and transport system.

Highlighting the elements of the investment drive, President Cyril Ramaphosa said his country would collaborate with Nigeria to harness lithium to drive the green energy transition and electric vehicles (EV) batteries.

The South African leader, who expressed his country’s interest at the Nigeria -South Africa Business Roundtable in Cape Town, said Nigeria’s vast lithium reserves could serve as a cornerstone for industrialisation in the EV sector.

At the session, President Bola Ahmed Tinubu said Nigeria is a safe haven for investments, adding that there is a guarantee for ease of doing business under his administration.

Presidential Adviser on Information and Strategy Bayo Onanuga said in a statement that during the interaction, President Ramaphosa urged the private sector and development finance institutions to collaborate in building infrastructure and developing the manufacturing capabilities in this sector.

Emphasising the role of critical minerals in the global shift to a low-carbon economy, the South African leader called for collaboration in mineral processing and beneficiation at the source.

He said such partnerships would ensure that both nations maximise the value derived from their resources while bolstering their positions in the rapidly growing clean energy manufacturing sector.

President Ramaphosa alluded to the ‘South Africa’s Just Transition Framework and Investment Plan,’ which anticipates significant investments in renewable energy and the green economy over the next few years.

He said the approach aligned with global efforts to achieve sustainable development while reducing carbon emissions.

Ramaphosa also drew attention to the opportunities in pharmaceuticals, underscoring how the two countries are strategically positioned to benefit from burgeoning industries tied to clean energy and innovation.

He urged businesses from both nations to actively engage in initiatives that support green energy and sustainable industrialisation.

President Ramaphosa stressed:”There is also much opportunity for cooperation on pharmaceuticals. Our two countries are strategically positioned to benefit from the rapid growth of clean energy manufacturing industries.

“South Africa has developed a Just Transition Framework and an Investment Plan that anticipates massive investments in renewable energy and the green economy over the next few years.

“As part of the broader global transition to a low-carbon economy, we must leverage the abundant natural resources that exist in our countries to promote green industrialisation.

“We should leverage each other’s capabilities in minerals processing. We must work together to ensure critical minerals are beneficiated at source. We call on businesses to support and involve themselves in these initiatives.”

G20: South Africa to endorse Nigeria

The South African leader said his country will “keenly” support Nigeria, “a valued sister country”, to become a member of the G20 club of the world’s major economies.

He gave the promise at the official launch of South Africa’s presidency of the G20 in Cape Town, few minutes before he received President Tinubu at Tuynhuys to co-chair the 11th Bi-National Commission between Nigeria and South Africa,

South Africa and the African Union are the continent’s only representatives in the G20.

Ramaphosa said other key African countries should also be admitted to the club “so that we can raise the voice from Africa, the neglected continent for the longest time.”

He said South Africa had been the lone voice for Africa in the G20 before the admission of the African Union last year after his country had lobbied for it to become a member.

He said: “We have a voice, we have a presence, and we will be the biggest growth story in years to come.

“Our population is going to grow by leaps and bounds, and therefore, as a continent, we are going to be a big noise, and we want that big noise to be recognised in the form of countries that will be part of the G20 right now.”

Nigeria safe for investment, says Tinubu

President Tinubu said Nigeria is safe for investment, urging South African businessmen not to entertain any fear.

To boost mutual confidence, Nigeria and South Africa fully operationalised the Joint Ministerial Advisory Council on Industry, Trade, and Investment to enhance economic cooperation between the two leading African economies.

President Tinubu said Nigeria is open for business and ready to guarantee stability, security and the rule of law.

He promised to address the issues that discourage South African investors from growing their businesses and franchises in Nigeria, urging South Africa to reciprocate by allowing Nigerian companies to operate and flourish in the country.

President Tinubu said Nigerian officials would collaborate with their South African counterparts to facilitate the implementation of the agreed mandates under the Bi-National Commission.

He said: “Nigeria and South Africa are co-joined twins tied by the hips not only for survival but for the prosperity of the people.”

President Tinubu also said Nigeria is undergoing very stringent positive economic reforms to serve Nigerians and bring prosperity to Africa.

He added: “The reforms have begun to see the light of the day. You have no better investment than in Nigeria. You cannot earn better on your investments elsewhere except in Nigeria.”

President Ramaphosa, who shed light on the Joint Ministerial Advisory Council on Trade, said it was launched during his state visit to Nigeria in 2021.

Its aim was to address trade and investment challenges, foster policy alignment, and create a conducive environment for business growth in both countries.

President Ramaphosa said: “Today, we agreed on the full operationalisation of the Council. This will support a conducive environment for improved trade and investment. Through the Council, we hope to ensure the efficient resolution of trade- and investment-related challenges.”

He acknowledged the strategic importance of both nations in their respective regions and the need to diversify trade relations to move beyond oil and gas dependency.

Ramaphosa added: “South Africa runs a large trade deficit with Nigeria, mainly due to oil and gas imports. We need to diversify our trade to ensure a mutually beneficial partnership.

“We are greatly encouraged by the presence of South African companies in Nigeria, just as we welcome Nigerian companies in South Africa.

 “We do recognise that challenges still exist within our respective operating environments that limit the expansion of investment and sometimes impact on the operations of companies.”