Your Excellency, President Goodluck Jonathan, President of the Federal Republic Nigeria,
Honourable Ministers from South Africa and Nigeria,
Premiers and Governors,
Captains of commerce and industry,
Members of the diplomatic corps,
Distinguished Guests,

It is a distinct pleasure for me to be addressing you today in the presence of our guest of honour, His Excellency President Goodluck Jonathan and his distinguished delegation.

I would like to extend a warm welcome to the business delegation from the Federal Republic of Nigeria, which is accompanying His Excellency during this historic state visit.

The South Africa-Nigeria Business Forum meets in that context of promoting stronger and deeper relations at social, economic and political levels between the two countries.

Our presence here with His Excellency President Jonathan serves to confirm our support for increased economic cooperation between our two countries, and support in particular for the Business Forum and its work.

Already the economic linkages are encouraging. Over 100 South African companies are doing business in Nigeria, with the biggest investment being in the telecommunications sector.

Other sectors that the South African companies have invested in, include engineering, construction, media, banking, retail, hospitality, oil and gas exploration and services.

We have seen keen interest from Nigerian business in investing and doing business in South Africa across a number of sectors. 

As I urge South Africans to look at Nigeria for business opportunities, I would also like to urge Nigerians to take advantage of the trade and investment opportunities that are present in South Africa and what this country has to offer. 

I trust that the Forum has been helpful with regards to identifying the opportunities.

Your Excellency,

This State Visit is a meeting between brothers and sisters.

It is about strengthening relations between our two countries and peoples which date back decades before the dawn of freedom in South Africa.

Nigeria was one of the foremost supporters of the South African liberation struggle.

We remain grateful for the solidarity and support during that most difficult period in the history of our country and people, the fight against apartheid colonialism.

Your Excellency,

The relations between the two countries in the post-apartheid era were cemented when we inaugurated the Bi-National Commission (BNC) in October 1999, co-chaired by the Deputy President of the Republic of South Africa and the Vice-President of the Federal Republic of Nigeria.

We also signed a Bilateral Trade Agreement and the Reciprocal Promotion and Protection of Investment Agreement at the same occasion of the establishment of the BNC in 1999. 

I have fond memories of the occasion as I served as Deputy President of the Republic of South Africa at that time.

The BNC continues to operate optimally under the leadership of the Deputy President and the Vice-Presidents of the two countries.

Our bilateral relations have grown further since then, underscored by a common vision of building a better Africa, and of improving the lives of our peoples.

Our Ministers signed agreements earlier today, aimed at taking these relations even further in various areas of cooperation.

Your Excellency
Distinguished participants,

We meet just a day before the start of the World Economic Forum meeting, which we have the honour of hosting on behalf of Africa.

WEF meets in our country just two months after the encouraging and successful 5th BRICS Summit that was held in Durban.

The meeting is convened under the theme; “Delivering on Africa’s Promise”.

It will focus on three key issues: accelerating economic diversification, boosting strategic infrastructure and unlocking Africa's talent.

The State Visit and the World Economic Forum meeting take place against the background of positive news about the continent.

Over the last decade, six of the world’s ten fastest growing economies were in Africa.
Therefore, the outlook for the continent remains optimistic at a time when the rest of the world is facing major political and economic challenges.

According to the World Bank, almost half of the countries on the African continent have attained middle income status.

With an expected annual growth of five per cent, sub-Saharan Africa is projected to continue its move from a developing region to a hub of global growth.

Africa’s improved economic prospects have largely been attributed to actions taken by respective governments to end political conflicts improve governance and create better macroeconomic conditions.

This progress augurs well for the continent as we celebrate the 50 year anniversary of the Organisation of African Unity.

We need to celebrate the anniversary through amongst other measures, promoting stronger economic relations and trade amongst and within African countries.

The process of establishing a continental Tripartite Free Trade area should encourage the business sector to look even more favourably within the continent for investments.

The Free Trade Area will bring together the Common Market for Eastern and Southern Africa, Southern African Development Community and the East African Community.

This will be Africa's biggest free trade bloc with a single continent-wide market estimated to be worth a trillion US dollars. The 26 African countries involved have an aggregate GDP of 860 billion US dollars, and a combined population of 600 million people.

The initiative is another key selling point for the continent.

Your Excellency,

On our side as South Africa, we will continue to encourage the South African private sector to invest in the Nigerian market and indeed the continent as a whole as part of promoting intra-Africa trade, a directive of the African Union.

The measures put in place to support outward investments by local companies include the relaxation of cross-border financial regulations and tax requirements on companies.

Over the last few years, the South African Reserve Bank approved nearly 1 000 large investments into 36 African countries.

Similar measures will also apply to foreign companies wanting to invest in African countries using South Africa as their regional headquarters.

Your Excellency
Ladies and gentlemen

South Africa and Nigeria, as leading economies on the continent, are expected to play a meaningful role in seeking solutions to Africa’s challenges.

Our two countries need to work together and complement each other, to push an African agenda which puts regional economic integration, economic and infrastructural development at the forefront.

Our two countries championed the establishment of the New Partnership for Africa’s Development (NEPAD), which is bearing significant results for our developmental agenda in Africa particularly in sectors such as agriculture and infrastructure.

Indeed, our two countries are a strong force on the African continent. In this regard, maximum cooperation is required from us, so that we can contribute significantly to promoting the interests of the continent at regional and global levels.

We must complement each other and ensure that the success of the two economies contributes visibly to the ultimate goal of a successful and prosperous continent.

As the business community in the two countries, you have our full support.

We urge you to invest in the continent, and more directly, in South Africa and Nigeria and boost African growth and development, while obtaining returns on your investment.

We congratulate the Business Forum on the good work done during this State Visit.

I thank you.