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Ramaphosa: Nigerian businesses will be incentivised to operate in SA

Oct 03 2019 17:26
Azarrah Karrim

President Cyril Ramaphosa has announced plans to create stronger economic and social ties between South Africa and Nigeria following a spate of violence against foreign nationals in South Africa in September. 

Ramaphosa on Thursday hosted Nigerian President Muhammadu Buhari on a state visit to boost ties between Africa's two largest economies. 

He announced that both presidents had agreed to take steps to boost bilateral trade volumes and increase small to medium sized Nigerian businesses in South Africa.

"Nigeria accounts for 64% of South Africa's total trade with the West African region and is one of our largest trading partners on the continent itself.

"We noted with appreciation the increasing presence of South African companies in Nigeria, and agreed on the need to promote greater investment by Nigerian companies in South Africa," Ramaphosa said.

Incentives for business

"Our governments have committed themselves to creating an enabling environment for both countries [to do] business in both countries."

Incentives would be provided for Nigerian companies to operate in South Africa to make doing business here easier. 

Both presidents again condemned attacks against foreign nationals in South Africa, saying they would aim create mechanisms to prevent violence again breaking out. 

"Early warning mechanisms will be set up so that, once we see that there is restiveness in both our people's side, we will be able to inform one another and find active ways to ensure that we do not have a reoccurrence.

"At the same time, we will cooperate at a number of levels, including at a policing level [and] at an intelligence sharing… level," Ramaphosa said.

Buhari added that while there may be differences of opinion on competitiveness, people should follow the laws of the country they were living in. "If you do anything outside the people's understanding and agreement, eventually they will not accept it," Buhari said.

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