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South Africa imports oil, other commodities worth $2.48 bln from Nigeria in 24-month

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Nigeria is one of South Africa’s top three sources of crude oil import as the Southern country has imported commodities worth $2.48 billion (R6billion) in the last 24 months.

According to the country’s Consular General, Malik Abdul, South Africa is also among the top 10 percent investors in Nigeria.

In a document, Abdul said that Nigeria accounts for 64 percent of South Africa’s trade within the West African coast.

Nigeria, the Consular General said was South Africa’s top import market in Africa, and 6th globally after China, Germany, USA, India and Saudi Arabia.

“Over the years, South Africa imported R35 billion ($2.48 billion) worth of goods, predominantly, crude oil from Nigeria.

“The economic relationship can be described as win-win situation. For both economies, the balance of relationships is actually in favor of South Africa.

“It is therefore imperative that steps are taken to consolidate these ties and to nip in the bud any irritants to this partnership.

“It is our hope that the coming into force, the African Continental Free Trade Area (AfCFTA) providing tariff-free access to market of over 1.3 billion people will further provide impetus to depend on the economic relations between the two countries,” he stated.

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South Africa mission will provide the relevant guidelines to businessmen and investors from both countries, Abdul said, stressing that it will also engage in trade exhibitions and investment forums in due course.

“Since my assumption of office in November 2020, I have undertaken familiarization visit to Limpopo, Western Cape, where I met the Provincial leaders, including the Premier, Mayor and Commissioner of Police. I also met with the Premier of Gauteng through the Web,” Abdul said.

He noted that these meetings extended the hands of fellowship and cooperation in enhancing the bilateral relationship between the two countries and issues pertaining to the welfare of the Nigerian economy.

Regarding the perennial incidents of xenophobic attacks on Nigerians in Durban and environs in February 2021, he said, “I had a Consulate meeting with the KwaZulu-Natal Provincial Commissioner of Police on the issue. A follow up to that was the setting up of a joint consultative committee, comprising of the Mission, the Police and the Nigerian Community to gather timely information in order to forewarned and prevent further attacks.”

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