Nigeria, South Africa push beyond oil to rebalance $2 trillion economic partnership
Beyond economics, both governments are bolstering security cooperation, with a memorandum on early-warning systems for attacks on nationals
PRETORIA, South Africa (MNTV) — Nigeria and South Africa are working to reshape their economic ties by moving beyond oil and gas, identifying non-oil sectors as key to correcting trade imbalances between Africa’s two largest economies.
Speaking in Pretoria to fellows of the MTN Media Innovation Programme, Nigeria’s Acting High Commissioner Alexander Temitope Ajayi said more Nigerian businesses need to establish a presence in South Africa to match South African investment in Nigeria.
“Many South African firms thrive in Nigeria, but few Nigerian companies have taken root here,” Ajayi said, citing MTN, Shoprite and Multichoice as examples of successful expansion.
He noted that crude oil dominates trade figures, obscuring opportunities in technology, agriculture, manufacturing and services. Ajayi urged entrepreneurs to tap those sectors, adding that a G20 summit on industrialization and agriculture in Abuja next month would showcase fresh prospects aligned with South Africa’s agenda.
Beyond economics, both governments are bolstering security cooperation, with a memorandum on early-warning systems for attacks on nationals expected in October.
Cultural exchanges — including Nollywood collaborations, Nigerian music’s growing influence in South Africa, and rising cross-border marriages — are helping strengthen ties at a grassroots level.
MTN Group and Pan-Atlantic University’s media initiative, which hosted the discussion, aims to correct narrative imbalances similar to those in trade. “We must tell our own stories of innovation, resilience and unity,” said MTN’s Dominic K. Khumalo.
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