Nigeria and South Africa are seeking to rebalance their economic relationship by exploring investments beyond oil and gas, with officials from both countries urging increased engagement in non-oil sectors as a pathway to stronger bilateral ties.
Alexander Temitope Ajayi, Nigeria’s acting high commissioner to South Africa, highlighted the need for entrepreneurs and investors to diversify commercial activity between the continent’s two largest economies during a meeting with fellows of the MTN Media Innovation Programme (MTN-MIP) Cohort 4 in Pretoria. While South African companies such as MTN, Shoprite, and Multichoice have successfully entered the Nigerian market, relatively few Nigerian firms have expanded southward, a gap that skews trade statistics and masks opportunities in non-oil sectors.
“Many South African companies operate successfully in Nigeria, while relatively fewer Nigerian businesses have established a similar footprint here. When you disaggregate oil and non-oil sectors, the picture changes and reveals opportunities to deepen trade and investment. This is an opportunity for Nigerian entrepreneurs to explore South Africa’s markets beyond oil,” Ajayi said.
He stressed that economic collaboration must now extend into technology, agriculture, manufacturing, and services. Ajayi also welcomed ongoing cultural exchanges, including Nollywood collaborations and Nigerian music’s rising influence in South Africa, describing them as a foundation for stronger people-to-people ties. To safeguard Nigerian citizens, he disclosed that a memorandum of understanding on an early-warning mechanism to address attacks on nationals in South Africa is expected to be signed in October.
Looking ahead, Nigeria will host a G20 high-level summit on industrialization and agriculture in October, coinciding with South Africa’s G20 summit. Officials intend to spotlight new investment opportunities, particularly in non-extractive sectors, and strengthen collaboration between the two nations.
The initiative comes amid the MTN Media Innovation Programme, a joint effort of MTN Group and Pan-Atlantic University, designed to strengthen African journalism and enhance continental narratives. Isaac-Ogugua Ezechukwu, director of professional education at Pan-Atlantic University, noted that media should be treated as national infrastructure because it underpins accountability, social cohesion, and successful trade and investment relations.
Funsho Aina, senior manager of external relations at MTN Nigeria, explained that the program provides journalists with direct exposure to policymakers and institutions in both countries, enabling fairer and more insightful reporting. Dominic K. Khumalo of MTN Group added that empowering African journalists to tell Africa’s story on its own terms can transform perceptions and open economic opportunities. He described Nigeria and South Africa as “twin engines of Africa’s prosperity” and urged collaboration over competition.
South Africa’s consul general to Nigeria, Bobby Moroe, also commended the initiative, highlighting its role in correcting negative narratives and promoting responsible reporting. He emphasised the importance of media in shaping public opinion and diplomacy, advocating for joint efforts to ensure accurate stories of cooperation and solidarity prevail.
The discussions underline a shared commitment to broadening economic relations, deepening cultural integration, and leveraging media as a tool for sustainable collaboration between Nigeria and South Africa.
