South African High Commissioner to Nigeria, Louis Mnguni, has revealed that the volume of trade between Nigeria and South Africa rose to N1.3 trillion about (R.62 billion) in 2015.
The envoy disclosed this at the South African Freedom Day celebration held in Lagos.
While describing Nigeria as one of the countries in Africa currently enjoying a favourable balance of trade with South Africa, he hinted that there were currently about 120 South African companies doing business in Nigeria.
Mnguni observed that it was important for both countries to close ranks toward the implementation of the 2063 African Union Agenda, in pursuance of Africa’s, South-South Cooperation.
“Trade between the two countries has increased steadily. It has remarkably increased from N43.6 billion in 2010 to N1.3 trillion in 2015.
“The gradual movement since 2010 could be attributed to Nigeria’s demand for automotive parts. South Africa exports cars, vehicles, structures and parts of structure, uncoated paper and paperboard.
“Nigeria presents a huge market with a population of over 170 million people and vast resources, while South Africa presents the technical know-how in developing industries,” he said.
“South African companies have today become significant players in these sectors of the Nigerian economy from 1999 to 2015,” the News Agency of Nigeria (NAN) quotes him as saying.
“Nigerian SMEs are dominant in the small business sector in South Africa. Therefore, the two are really complementing each other,” the High Commissioner said.