Business News

South Africa eyes partnership with Nigeria after hitting N1 trillion trade in Q1, 2024 


President of the Republic of South Africa, Cyril Ramaphosa says he will sustain a strategic partnership with Nigeria. 

This is after his country emerged as Nigeria’s top trading partner in Africa in Q1, 2024, hitting over N1 trillion, according to data from the Nigerian Bureau of Statistics (NBS). 

The South African side assured of strategic partnership resulting in “economic integration” in Africa. 

The South African government tweeted this on Tuesday night following Tinubu’s arrival at Waterkloof Air Force Base for the inauguration of Ramaphosa as reelected president of South Africa. 

“South Africa regards Nigeria as a strategic partner in the context of bilateral relations, the West Africa region, and the continent in the pursuance of the African Agenda, South-South cooperation and in the promotion of a rules-based International System.  

“Our two countries share a common vision on issues of political and economic integration in Africa,” the South African government tweeted. 

Ramaphosa’s assurance is aimed at ensuring smooth relations with key stakeholders within and outside South Africa. 

In an earlier statement from President Bola Tinubu’s aide, Bayo Onanuga, Tinubu congratulated Ramaphosa on his re-election while promising to build on the Nigeria-South Africa partnership. 

“President Tinubu called for the strengthening of bilateral ties between Nigeria and South Africa as strategic partners in Africa for the overall advancement of the continent.” 

Nigeria-South Trade  

“Ivory Coast (N744.59 billion), Senegal Republic (N361.29 billion), Benin rep. (N55.67 billion) and Togo (N38.01 billion) representing 96.41% of exports to Africa,” the NBS stated.