Currently on a two-day state visit to Nigeria, President Zuma addressed a joint session of the National Assembly yesterday where he highlighted the potential for greater business to business engagements between the two countries. Among other things, President Zuma also said South Africa would try to assist Nigeria with the exploration of solid minerals.
President Zuma said: “Our experience in electricity generation can also be tapped into, to assist in Nigeria’s electricity generation, to name but a few. In this regard, South Africa’s solid minerals mining experience can contribute to solid minerals exploration in Nigeria.
"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. We must strive to bring the manufacturing plants closer to the sources of raw materials and South Africa and Nigeria can to a large extent, complement each other towards the achievement of this."
He stated that both countries must collaborate by diversifying their economies to create employment as this will further improve the impact that Africa can have in the global economy and to reconfigure the terms of trade. These he said includes electricity generation and supply, agriculture and agro-processing, tourism development including the hospitality sector, mining, banking, infrastructure development, aviation, manufacturing and the automotive sector.
According to President Zuma, by doing this, both countries would break away from the colonial legacy that has turned Africa into providers of primary commodities and recipients of processed goods. He added that this is important because the current state of affairs makes Africa vulnerable to the volatilities of the international economy that sustains the uneven terms of trade.