Trade and industry department to lead business mission to Nigeria
The newly launched initiative of the dti
, Trade Invest Africa, is undertaking a business mission to the Federal Republic of Nigeria from the 25-30 September 2016.
The business mission will be led by TIA, in collaboration withthe dti's Black Industrialist Programme and Plastics SA.
The objective of the mission will be to uncover trade and investment opportunities in Nigeria and establish relations to position South African business in leveraging the identified opportunities
for the mutual benefit of both countries.
The collaboration between TIA, the BI programme and Plastics SA is key in addressing issues such as access to markets, the promotion of industrialisation, sustainable growth and transformation.
Through the support of black owned entities in the manufacturing sector, the business mission to Nigeria aims is to enhance the efforts of the Black Industrialists Programme and ensure that the
support for black industrialists increases in order to improve their participation in the manufacturing industry. Secondly, Plastics SA has identified Nigeria as an important market for the growth
of the South African Plastics Industry and TIA aims to facilitate increased access to the Nigerian market in this regard.
South Africa and Nigeria are considered to be the leading economies of the African continent. Total trade between these countries accumulated to R 220 billion from 2011 - 2015, with South Africa
only contributing a negligible 17.3% while Nigeria accounted for a significant 82.6% to total trade. During this period, vehicles, base metals, machinery, plastics as well as chemicals ranked as
the top five exports sectors to Nigeria respectively, while imports were led by mineral products, base metals, plastics, machinery and vehicle equipment.
The mission will cover the following sectors:
- Automotive components