Stakeholders from Nigeria and South Africa called for deeper economic alignment, increased investment flows and accelerated implementation of the African Continental Free Trade Area (AfCFTA) at the second edition of the South Africa–Nigeria Economic Diplomacy Roundtable held in Lagos on October 27, 2024.
The event, hosted by MTN Nigeria as part of the 2026 South Africa Focus Week, brought together policymakers, investors and business leaders to discuss pathways for translating bilateral engagements into measurable economic outcomes.
Acting Consul General of South Africa in Nigeria, Kgothatso Xulu, stated that the two economies account for over one-third of sub-Saharan Africa’s Gross Domestic Product (GDP), making their cooperation pivotal to continental development.
“When South Africa and Nigeria align economically, the impact will not only be significant but transformative for the entire continent,” Xulu said, while noting that intra-African trade still accounts for less than 20 per cent of total trade on the continent, underscoring the urgency for deeper regional integration and value chain development.
She identified telecommunications, the digital economy, infrastructure, manufacturing and energy as critical sectors with vast opportunities for both countries to build resilient and mutually beneficial economic partnerships.
Karl Toriola, Chief Executive Officer of MTN Nigeria, was represented by the company’s Chief Marketing Officer, Onyinye Ikenna-Emeka, who said MTN’s operations across Africa demonstrate the power of cross-border investments in strengthening economic ties.
Ikenna-Emeka disclosed that MTN has made significant investments in digital infrastructure, including over 135,000 kilometres of fibre networks across the continent, while its mobile financial services platform continues to drive millions of transactions.
According to him, Nigeria and South Africa are not only trade partners but also standard setters for Africa’s economic integration.
Ije Jidenma, Chairperson of the Nigeria-South Africa Chamber of Commerce, stressed the need for stronger collaboration in infrastructure, energy, logistics and digital connectivity.
She added that economic diplomacy must move beyond dialogue to building trust and fostering joint ventures capable of driving growth and creating jobs.
Aisha Rimi, Chief Executive Officer of the Nigerian Investment Promotion Commission, said policy consistency and the removal of regulatory bottlenecks remain critical to attracting and retaining investors.
She urged the private sector to actively engage government institutions in resolving investment challenges, noting that collaboration is essential to achieving the objectives of AfCFTA.
“Without lifting barriers in all forms, AfCFTA will remain a pipe dream. This represents the time for collaboration,” Rimi said.
Calvin Phume, Director for Africa Bilateral Economic Relations at South Africa’s Department of Trade, Industry and Competition, emphasised the need for both countries to address structural and macroeconomic constraints to deepen trade relations.
Participants at the forum agreed that the success of the Nigeria–South Africa partnership will ultimately depend on the ability of both nations to translate dialogue into concrete policies and investments that enhance market access and improve the ease of doing business.
