South African President Cyril Ramaphosa will today 10th of July be in Nigeria on a two-day working visit. He will be meeting with the President of Nigeria Muhammadu Buhari who invited him for the 2018 Annual Meeting and 25th Anniversary Celebrations of the African Export-Import Bank (Afreximbank) taking place in Abuja.
While in Nigeria, both Presidents will discuss a wide range of bilateral, continental and global issues of common concern. Peace, stability and continental integration will feature prominently in their discussions.
Nigeria and South Africa have enjoyed good political, economic and social relations formally established in 1994, immediately after South Africa’s first democratic elections. Formal relations between South Africa and Nigeria have also been conducted through the Bi-National Commission (BNC), established in 1999 as a structured bilateral mechanism to promote political, economic, social, cultural, scientific and technical cooperation between the two countries. The BNC has over the years deepened and solidified the relations between the two countries, and laid the foundation for increased bilateral political and economic cooperation.
Over the years, bilateral cooperation between both countries have been enhanced to the extent that there are thirty-four (34) signed bilateral agreements which cover various areas such as arts and culture, education, agriculture, trade and investment, mining, defence, policing, immigration, taxation, science and technology, health, tourism, environment and energy.
South Africa and Nigeria also enjoy strong economic cooperation demonstrated by the increasing trade and investment flows between both nations. In 2016, South Africa exported goods valued at R6.4 billion to Nigeria while Nigerian exports to South Africa totalled R30.4 billion. South African exports were valued at R5.7 billion against R22.8 billion imports from Nigeria in 2017.
There are over 120 South African companies currently doing business in Nigeria in various sectors, which includes MTN, Multichoice, Stanbic Bank, Shoprite Checkers, South African Airways, Sasol and Bon Hotels.