Nigeria and South Africa, have signed thirty-two bilateral agreements
and memoranda of understanding covering trade and industry, science
and technology, defence, agriculture and energy, thus expanding
Africa’s deepest trade relationship.
The signing of the agreements is coming weeks after a wave of violence
against Nigerians and other African nationals in Johannesburg and
Pretoria had strained relations between the continent’s top two
economies.
The dozens of accords will enable the two countries leverage on the
recently agreed African Continental Free Trade Area agreement, and
also boost Nigeria’s efforts to diversify its economy which relies on
oil to generate two-thirds of government revenue and more than ninety
per cent of export income.
At a joint briefing with President Muhammadu Buhari in Pretoria, South
African President Cyril Ramaphosa said they have identified key
sectors for investment to boost economic growth and development. These
sectors include roads rail Infrastructure, Mining, Manufacturing and
Agro-processing.
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