Nigeria aims to strengthen economic relations with South Africa
- In Reports
- 01:13 PM, Sep 19, 2023
- Myind Staff
In efforts to enhance economic cooperation between Africa's two largest economies, Nigeria's President Bola Tinubu engaged in discussions with South African President Cyril Ramaphosa in New York. His spokesperson confirmed that the objective is to promote economic collaboration between Africa's two largest economies.
The two African leaders convened in preparation for the upcoming United Nations General Assembly scheduled for this week, as outlined in their joint statement. This initiative underscores their commitment to enhancing bilateral ties and fostering economic cooperation.
"We can collaborate in a mutually beneficial way that enriches our populations," Tinubu said, adding that both countries can cooperate in the mining and telecommunications industries to help "deliver jobs".
President Bola Tinubu has initiated a series of bold reforms in Nigeria, marking some of the most significant changes in decades. These reforms include the removal of a popular yet costly petrol subsidy and the relaxation of foreign exchange trading restrictions. President Tinubu's objective is to rejuvenate an economy grappling with record levels of debt, sluggish growth, and double-digit inflation.
In response to these reforms, President Cyril Ramaphosa commended President Tinubu for his courageous economic initiatives. Ramaphosa expressed South Africa's commitment to exploring deeper partnerships with Nigeria, recognizing the potential for enhanced cooperation between the two nations.
"We are two major economies on our continent, and it is important that we deepen economic ties, particularly in light of the African Continental Free Trade Agreement," Ramaphosa said.
"We would love to see Nigeria and South Africa working closely together on a number of issues because whenever we join hands, we have made an impact globally through those joint positions," he said.
Additionally, Tinubu appealed to South Africa to collaborate with Nigeria in advocating for reforms within global financial institutions. The aim of these reforms is to assist Africa in addressing the escalating challenges of poverty and economic difficulties. This appeal underscores the shared commitment of both nations to address pressing global economic issues.
"We must join hands and agree that International Finance Institutions require reform as Africa is not to be a ground for economic scavenging any longer, but it is a place with gifted people that is ready for investment and cooperation," Tinubu said.
Participating in his inaugural U.N. General Assembly as Nigeria's president, Tinubu has a packed schedule that includes meetings with U.S. President Joe Biden, as well as high-level executives from prominent companies such as Microsoft, Meta, and Exxon Mobil in New York. The primary objective of these engagements is to galvanize global capital for the development of infrastructure projects. This underscores Nigeria's commitment to securing international investment to bolster its infrastructure development efforts.
Image source: AP
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