President of the Republic of South Africa, Cyril Ramaphosa, has committed to sustaining a strategic partnership with Nigeria. This announcement follows South Africa’s emergence as Nigeria’s top trading partner in Africa for the first quarter of 2024, with trade surpassing N1 trillion, according to the Nigerian Bureau of Statistics (NBS).
The South African government emphasized the importance of this strategic partnership, which aims to foster “economic integration” across the African continent. The announcement was made via a tweet on Tuesday night, coinciding with the arrival of Nigerian President Bola Tinubu at Waterkloof Air Force Base for Ramaphosa’s inauguration following his re-election.
Key Points on Strategic Partnership:
- Ramaphosa was re-elected by the South African parliament on Friday.
- South Africa regards Nigeria as a crucial strategic partner in Africa.
- The partnership will focus on promoting the African Agenda 2063, the African Union’s (AU) blueprint for transforming Africa into a global powerhouse in sectors such as agri-business, infrastructure development, health, and education.
- South Africa and Nigeria, as two of Africa’s largest economies, are pivotal to achieving the goals of the African Agenda.
“South Africa regards Nigeria as a strategic partner in the context of bilateral relations, the West Africa region, and the continent in the pursuance of the African Agenda, South-South cooperation, and in the promotion of a rules-based International System. Our two countries share a common vision on issues of political and economic integration in Africa,” the South African government tweeted.
Ramaphosa’s assurance aims to ensure smooth relations with key stakeholders within and outside South Africa.
President Tinubu’s Response:
In an earlier statement from President Bola Tinubu’s aide, Bayo Onanuga, Tinubu congratulated Ramaphosa on his re-election and expressed a commitment to strengthening the Nigeria-South Africa partnership. “President Tinubu called for the strengthening of bilateral ties between Nigeria and South Africa as strategic partners in Africa for the overall advancement of the continent.”
Nigeria-South Africa Trade Insights:
- South Africa led other African countries in terms of export and import transactions with Nigeria.
- According to NBS data, in Q1 2024, Nigeria’s export values to African countries totaled N2,236.82 billion, while imports amounted to N401.83 billion.
- South Africa was the primary destination for Nigerian exports within Africa, with exports valued at N957.06 billion. South Africa also remained Nigeria’s major import partner in Africa, with imports worth N97.33 billion.
Other notable African trading partners included Ivory Coast (N744.59 billion), Senegal (N361.29 billion), Benin (N55.67 billion), and Togo (N38.01 billion), collectively accounting for 96.41% of Nigeria’s exports to Africa.
