South African delegation explores Nigerian prospects

The Deputy Minister of Trade and Industry, Mzwandile Masina,From OKORO CHINEDU in Lagos, Nigeria
LAGOS, (CAJ News) – A DELEGATION of 30 businesspeople is in Nigeria toexplore investment opportunities in the West African country.

Deputy Minister of Trade and Industry, Mzwandile Masina, who is leading the delegation, said the visit to Nigeria was for South Africa to form continuous and sustainable economic relations with West African countries in order to advance industrial development, and upgrade diversificationa long a growth path that addresses structural constraints in the economy,including unemployment and poverty.

“Nigeria is the biggest economy in Africa and one of the few countriesthat South Africa suffers a trade deficit with due to the importation ofpetroleum products. The mission is therefore intended to penetrate the Nigerian market with South African manufactured products and to furtherexploit investment opportunities,” said Masina.

Nigerian exports to South have recorded a continuous growth rate,increasing from R16 billion in 2010 to R55,7 billion in 2014.South Africa’s export to Nigeria on the other hand, has increased from R4,3 billion in 2010 to R10.5 billion in 2014.

Masina is scheduled to meet with the Chairman of MTN Nigeria, Pascal Dozieand the President of Dangote Group, Aliko Dangote.He will also pay a courtesy visit to the Governor of Lagos State, Akin Ambode.Masina is also scheduled to address South African and Nigerian businesscommunities during the business seminar.

CAJ News

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Posted by on Aug 20 2015. Filed under Africa & World, Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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