Stakeholders Push to Grow Nigeria–South Africa Trade Beyond $2.16bn

Stakeholders from Nigeria and South Africa have reaffirmed commitment to deepening economic cooperation, trade, and infrastructure development at the second edition of the Nigeria–South Africa Economic Diplomacy Roundtable, held in Lagos, recently.

The Roundtable brought together senior government officials, diplomats, and private sector leaders to strengthen bilateral relations and advance shared priorities with a strong focus on translating dialogue into actionable economic outcomes.

Bilateral trade between Nigeria and South Africa is strengthening, with total volume reaching over USD$ 2.16 billion in early 2026, driven heavily by Nigerian crude oil exports to South Africa.

In her welcome address, Onyinye Ikenna-Emeka, the chief marketing officer of MTN Nigeria, speaking on behalf of Dr. Karl Toriola, the chief executive officer, described the Roundtable as central to Africa’s economic future.

“The Economic Diplomacy Roundtable is not just a corporate event; it reflects the essence of our purpose on the continent and the systems we must build to enable Africa’s growth. Partnerships between Nigeria and South Africa must move beyond dialogue to building infrastructure, payment systems, and digital platforms that make trade and investment seamless,” she said.

Nompilo Morafo, group chief sustainability and corporate affairs officer, said the company 30-year presence across Africa has provided valuable insights into the continent’s economic realities and opportunities, explaining that Nigeria and South Africa together account for nearly half of sub-Saharan Africa’s GDP, making their partnership essential to the success of the AfCFTA.

“When these economies trade freely, the AfCFTA becomes real. When payment systems between Lagos and Johannesburg work, financial inclusion accelerates across the continent,” she added. “Our true calling is not just to provide digital and financial services, but to enable dignity, hope, and opportunity for millions of Africans,” Morafo said.

Highlighting Lagos State’s economic significance, Folashade Ambrose‑Medebem, the commissioner for Trade and Investment, represented by Adeyemi Adeyinka, noted that Lagos accounts for about 30 percent of Nigeria’s GDP and attracted approximately ₦4.1 trillion in investments and $1.2 billion in digital infrastructure in 2023.

Emphasising the importance of stronger bilateral cooperation, he said:

“Lagos remains open to partnerships that drive trade, investment, and innovation, as we continue to position the state as a leading economic hub in Africa.”

Aisha Rimi, the executive secretary and chief executive officer of the Nigerian Investment Promotion Commission (NIPC), underscored ongoing efforts to create a stable and enabling environment for investors.

She stated:

“Nigeria remains committed to creating a stable and enabling environment that attracts investment, strengthens investor confidence, and supports sustainable economic growth. Our focus is to ensure that investors not only come into Nigeria but are able to grow, scale, and connect across African markets.”

From the South African perspective, Kgothatso Xulu, the acting consul general of South Africa in Lagos, highlighted the scale of opportunity between both countries and stressed the importance of collaboration in expanding intra-African trade.

She said:

“There is a significant opportunity to expand intra-African trade, and partnerships like this are critical to removing barriers and strengthening economic integration. Nigeria and South Africa have a responsibility to lead by example in building stronger, more connected African economies.”

Reinforcing the need for concrete outcomes, Calvin Phume, director for Africa Bilateral Economic Relations at South Africa’s Department of Trade, Industry and Competition, emphasised the enduring significance of the Nigeria–South Africa partnership.

“The South Africa–Nigeria partnership is of enduring political and economic significance, not only to our two countries but to the African continent. The focus now must be on implementation, turning policy commitments into real trade, investment, and infrastructure outcomes.”

Discussions at the Roundtable highlighted progress under the AfCFTA, ongoing policy reforms, and the urgent need to strengthen infrastructure systems, improve trade corridors, and address barriers affecting cross-border business.

Stakeholders agreed that stronger collaboration between Nigeria and South Africa will be critical to unlocking industrial growth, investment flows, and regional value chains, while committing to translating discussions into actionable outcomes that support Africa’s economic integration agenda.

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