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SA Minister hails Nigeria economic growth

21 August 2015, 15:46

Abuja - Nigeria is an African economic powerhouse that has a critical role to play in the growth of the continent’s economy.

This according to South Africa's Deputy Minister of Trade and Industry, Mzwandile Masina.

He was speaking at the Trade and Investment Seminar in Lagos, held as part of the Outward Selling and Investment Mission organised by the Department of Trade and Industry.

Masina said Nigeria’s rise to Africa’s biggest economy, presents unlimited investments and trade opportunities for South Africa.

“Nigeria has been experiencing rapid economic growth, averaging over 7 percent a year over the past decade, making it one of the world’s fastest growing economies and attracting investment around Africa and the rest of the world,” said Masina.

Also read: Buhari orders review of economic policies before 2016 budget

He added that for South Africa and Nigeria to trade at an optimal level, there is work that still needed to be done in terms of further strengthening commercial and investment relations and focusing on new collaboration and trade partnerships in key areas of opportunities in the markets.

Masina also said that the two countries should work together to remove trade barriers, particularly the unbanning of some products from the Nigerian trade import prohibition list, in order to facilitate access of South Africa products into the Nigerian market.

He added that for Africa to unlock its potential, it had to focus more on trade facilitation, including the simplification and modernisation of trade procedures.


- CAJ News


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