South Africa and Nigeria have reported a substantial increase in bilateral trade, reaching $670 million in the first quarter of 2024.
This development was highlighted during a bilateral meeting between President Cyril Ramaphosa of South Africa and President Bola Ahmed Adekunle Tinubu of Nigeria on Thursday.
President Tinubu attended the Presidential Inauguration in South Africa on Wednesday, witnessing the swearing-in ceremony of President Ramaphosa.
South Africa regards Nigeria as a pivotal partner in pursuing the African Agenda, fostering South-South cooperation, and promoting a rules-based international system. The strengthening of ties between these two AfCFTA member countries is seen as a vital step towards enhancing trade and economic growth across the continent.
According to data from the Nigerian Bureau of Statistics (NBS), South Africa has emerged as Nigeria’s top trading partner in Africa for Q1 2024, with trade volumes hitting over $670 million.
