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HomeTop NewsPresident Tinubu seeks economic collaboration with South Africa

President Tinubu seeks economic collaboration with South Africa

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In a significant diplomatic push for economic development and investment attraction, President Bola Tinubu engaged in extensive bilateral discussions with South African President Cyril Ramaphosa in New York City ahead of the United Nations General Assembly.

President Tinubu underscored the importance of a unified African perspective regarding the substantial funds disbursed by International Development Finance Institutions, emphasizing the need for these resources to be directed toward the specific requirements of developing democracies in Africa, while safeguarding their own enlightened self-interest.

Drawing a historical parallel, President Tinubu referred to the Marshall Plan established after World War II to rebuild and restore European nations, facilitated through the Bretton Woods institutions. He highlighted the absence of a comparable initiative for Africa and cautioned against exchanging the shackles of the past for new constraints. He emphasized the imperative of a stable democracy supported by knowledge and well-being, as democracy without economic security is inherently unstable.

President Tinubu stressed the necessity for reform within International Finance Institutions, shifting away from Africa being perceived as a mere ground for economic exploitation. Instead, he advocated Africa’s potential as a hub for investment and cooperation, possessing abundant human and natural resources.

He also highlighted the scope for collaboration between South African mining industries and Nigeria’s solid minerals development sector.

Recognizing the successful implementation of bold economic reforms by President Tinubu, President Ramaphosa acknowledged the wealth-generating potential that exists through a close and deliberate partnership between both nations, leveraging each other’s strengths.

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President Ramaphosa emphasized the importance of deepening economic ties, particularly in the context of the African Continental Free Trade Agreement, emphasizing the capacity of Nigeria and South Africa to have a global impact when aligned on common objectives.

The South African President called for Nigeria and South Africa to work closely on various issues, reflecting on their history of impactful joint positions on global matters. He emphasized the need for partnerships that advance African interests, given the continent’s historical experiences of exploitation.

Acknowledging President Tinubu’s effective leadership as the Chairman of the ECOWAS Authority of Heads of State, President Ramaphosa expressed the desire for Southern Africa to adopt a similar sense of solidarity as seen in West Africa, especially in light of ongoing events in the Southern African sub-region.

President Ramaphosa extended an invitation to President Tinubu to visit South Africa, reciprocating President Ramaphosa’s recent visit to Nigeria. This invitation aims to deepen economic ties and foster a broader relationship between the two countries.

Accepting the invitation, President Tinubu emphasized that a collaborative Nigeria-South Africa partnership represents the strongest vision for Africa, one that can exert a more significant influence on global affairs, benefiting the continent’s over one billion inhabitants endowed with vast human and natural resources.

In conclusion, President Tinubu heralded a new era of economically productive relationships and self-determination for Africa, highlighting the continent’s untapped potential for growth and opportunity.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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