Consistent business partnerships between private sector players in various African nations will undoubtedly ensure the continent’s economic growth, end poverty, and give Small and Medium Enterprises (SMEs) a better platform for doing business with European nations.
At the 2022 South African/Nigeria Trade Mission Business Networking Seminar, which was organized by Grandeu Nigeria Limited in partnership with the Western Cape Tourism Trade and Investment Promotion Agency (WESGRO), the Eastern Cape Development Corporation (ECDC), and the Tshwane Economic Development Agency (TEDA) in Lagos, the Consular General of the South African Consulate, Darkie Africa, made this claim.
The Consular General asserts that Nigeria and South Africa, the two largest economies on the continent, must cooperate and close the gap in order for both nations to embark on the proper course for economic development.
“Products that are in high demand in Nigeria are made in South Africa. They’re in town looking for potential investment opportunities. Nigerians who are familiar with logistics and the distribution chain can collaborate with them, he said.
The only way to ensure African economic growth, according to WESGRO’s managing director Michael Gamwo, is through ongoing collaboration between South African and Nigerian private sector leaders.
According to him, this is the only path for continued African prosperity, which will significantly lessen poverty on the continent.
Owolabi Salako, a representative of the South African/Nigeria Business Chambers, stated that in December of last year, Nigeria and South Africa established a bi-national commission agreement and also established the Joint Ministerial Advisory Council, whose main goals and objectives were for the governments of both nations to collaborate with stakeholders in the private sector.
The event, he said, “is the beginning of developing an information exchange platform where trade, industry, and investing culture of both nations can be investigated and used in coordinating private players in both countries to achieve the specified goals of African Continental Free Trade.”
Mr. Byron Isi, Deputy Director of the Nigerian Investment Promotion Commission (NIPC), praised the organizer for the initiative in his statement.
claiming that as intra-African trade expands and barriers are eliminated, investors will be able to conduct business outside of their home nations as the opportunity for expansion inside African circles is boosted.
The NIPC Deputy Director emphasized once more the requirement for full participation from SMEs in Africa in order to spur the region’s economic development.
He added that SMEs should not be disregarded in both national and international investment architecture because every great economy is built on the inclusion of its small-scale sector, which is the foundation from which the large corporations flourish.
Isi, however, suggested that the government help SMEs by creating a favorable climate for their survival as they will multiply business prospects and promote economic growth.
The major goal of organizing the program, according to Mr. David Bibiem, Managing Director of Grandieu Limited, is to empower enterprises, generate wealth, foster sustainable business development, and foster cooperation among African nations.
According to Bibiem, many Nigerian companies have partnered with South African enterprises and are succeeding greatly. This raises the possibility of synergy between Nigeria and South Africa in the upcoming five years.
He pointed out that South Africans are taking the initiative and fostering the growth of their enterprises, and he added that Nigeria must get moving now if it wants to see progress in the next five to ten years.