South African President, Jacob Zuma, while addressing a joint session of Nigeria's National Assembly in Abuja disclosed that the country has been a fertile ground and investment destination for South Africa.
Zuma, who was accompanied by President Muhammadu Buhari to the session presided over by Senate President Bukola Saraki and Speaker of the House of Representatives, Hon. Yakubu Dogara, yesterday disclosed that South African companies in Nigeria which were just four in 1999, have risen to as many as 120.
While expressing happiness that South Africa's bilateral economic relations with Nigeria had yielded bountiful harvest since 1999, Zuma advocated the need for the two countries to strike a more rewarding business partnership by diversifying their economies to notable sectors such as agriculture, electricity, infrastructural development and manufacturing, among others.
According to him, diversifying the economies is necessary to create job opportunities for their citizens, improve their living standard and grow such economies through domestic resources, a move he said would have fruitful effects on the entire African continent.
"We are happy that the bilateral economic relations between the two countries have significantly improved in the last 16 years as evidenced by the growing bilateral trade figures and investments. More than one hundred and twenty South African companies operate in Nigeria currently, a huge growth from a mere four companies in 1999. Nonetheless, there is room for greater business to business engagements particularly in the areas Nigeria has identified as potential growth sectors.
"These include the diversification of the economy, namely electricity generation and supply, agriculture and agro-processing, tourism development including the hospitality sector, mining, banking, infrastructure development, aviation, manufacturing and the automotive sector. We must strive for the diversification of our economies, so as to cast the net wide enough to create more job opportunities for our people, to improve their living conditions and grow our economies through domestic resources in the first instance," he said.
Zuma said Nigeria and South Africa, as the two largest economies on the continent, must complement each other and forge strong and strategic partnerships to facilitate accelerated economic growth and prosperity among Africans with a view to achieving continental integration.
He said the two countries could not afford to lag behind on the global stage particularly in the area of technological development which he said was vital to harness their economic potentials.
He emphasised the need to promote economic bilateral relations between both countries with the intention to enhance intra-African trade, which he described as one of the key objectives of the African Union (AU) where both countries sit at the Peace and Security Council.
He said solid minerals' sector was key to South African economy with the exploration of diamonds and precious metals, saying it provides the two countries with the opportunity for exploration as he observed the volatility of the international economy at the moment.
He said Nigeria could tap from South Africa's electricity boom as he expressed hopes that the abducted Chibok girls since April 2014 would return.
"We remain hopeful that your efforts would result in them being found," he said.
He narrated enormous roles Nigeria South Africa including the anti-apartheid struggle as he paid tribute to the late Head of State, Gen. Murtala Muhammadu, whose address, he said, gingered continental support and resistance to apartheid in the then Organisation of African Unity (OAU) in 1976.
He added: "In 2015, Nigerians rose and peacefully facilitated a democratic change of government. You have charted the way the entire continent needs to follow."
In his opening remark, Saraki described Zuma's visit as unique, saying it was similar to the visit of Presidemt Bill Clinton's visit to Nigeria in 2000.
"Your Excellency, your visit today is symbolic. This will be the first time in the life of this eight National Assembly that we will be honouring a visiting President with addressing a joint session of the National Assembly. It is therefore, befitting that this honour goes to you Mr. President and by extension the people of South Africa. This is a rare gesture, last invested on the former President of the United States of America, President Bill Clinton in August 2000. It is another demonstration of our friendship, solidarity and deep affection for the people of South Africa.
"Your visit today, speaks volumes on how much your government and the great people of South Africa value and cherish the fledging bilateral relationship Nigeria has with South Africa. It is testament to our collective aspiration and recognition that we must come together, act together and grow together to forge a new African reawakening, built on our people, democracy and the rule of law," he said.
In his closing remark, Speaker of the House of Representatives, Hon. Yakubu Dogara, tactically drew Zuma's attention to South Africans' protracted hatred for Nigerians, saying if Nigeria had been beneficial to the country, it should also translate to good relationship among citizens of the two countries.
"South Africa has a large population of Nigerians living and contributing their quota to its development. We, as representatives of the people seek that this brotherhood between our leaders translates to good relations between citizens of both countries and it is only then that both countries can speak to true integration of our peoples in the interest of our continent," he said.
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