Posted: November 8, 2019
Deputy Minister Gina Leads a Business Delegation to Nigeria
|The Deputy Minister of Trade and Industry, Ms Nomalungelo Gina will lead a business delegation to Future Energy Nigeria, WAPIC Conference and Expo 2019 scheduled for 12-13 November 2019, as part of the efforts to increase economic, trade and investment cooperation between South Africa and Nigeria,
During her visit, Gina will also hold bilateral meetings with a range of government and private sector representatives aimed at deepening the economic, trade and investment relations between the two countries. This visit will build on the outcomes of the recent State Visit to South Africa by the President of Nigeria, Mr Muhammadu Buhari. President Cyril Ramaphosa and President Buhari noted with satisfaction the economic cooperation between the two Republics and welcomed the steps to increase trade volumes as well as private sector investments.
The participation of the South African companies in Future Energy Nigeria is funded by the Department of Trade and Industry (the dti) through its Export Marketing and Investment Assistance (EMIA) Scheme. The objective of the scheme is to develop export markets for South African products and services, and to recruit new foreign direct investment into the country.
Future Energy Nigeria is the leading expo and conference that connect thousands of power and energy professionals and over 60 exhibitors. According to Gina, the dti’s participation at Future Energy Nigeria will position South Africa as the preferred supplier of goods and services into Nigeria’s promising energy sector.
“Nigeria is currently faced with energy challenges and this presents an opportunity to South African manufacturers and suppliers of energy related products and services. Nigeria is not only South Africa’s strategic partner on the Continent, but has emerged as a priority country for South African business as it represents over two thirds of market share for South African export and investment in the West African sub-region,” says Gina.
Gina will officially open the South African pavillion and hold discussions on the implementation of the Joint Ministerial Advisory Council on Industry, Trade and Investment (JMACITI) as well as the Joint Trade and Investment Committee between South Africa and Nigeria which is expected to be launched by April 2020. The Council is expected to serve as a critical vehicle in facilitating and promoting private sector participation in the economies of both countries.
South Africa’s investments in Nigeria are made out of more than 100 companies. MTN Group, Remgro, Sasol, Shoprite, Pick & Pay Holdings, Black Rhino, Protea Group and Naspers are the companies that have significant investments in the country with a total investment of more than R4.3 billion of capital expenditure. They have created significant employment opportunities for Nigerian citizens. Other South African companies with operations in Nigeria include Nampak, Mr Price, Wings Travel, Rand Merchant Bank and Metrofile.
“The meetings that we will have in Nigeria are expected to resolve some of the investment challenges and trade impediments that South African companies are currently experiencing in Nigeria,” states Gina.