In a lengthy bilateral session with South African President Cyril Ramaphosa in New York City on Monday, President Bola Tinubu boosted his diplomatic efforts for economic development and investor attractiveness in anticipation of the UN General Assembly.
President Tinubu argued that Africa needed to come to an agreement that the hundreds of billions of dollars spent over the years through international development finance institutions had to go toward addressing the needs of developing democracies in Africa, even if they did so solely out of consideration for their own enlightened self-interest.
“At the end of World War II, the Bretton Woods institutions were used to implement the Marshall Plan for the reconstruction and economic recovery of European countries. Where has this existence for Africa been? We need to be careful not to buy a new pair of shackles to replace the old ones that broke yesterday. In the presence of knowledge poverty and population famine, a stable democracy is impossible. Democracy without access to food is a breeding environment for what, if care is not taken, will consume us. We must band together and acknowledge that international financial institutions need to be reformated because Africa can no longer be used as a site for economic scavenging but rather as a region with talented people that is ready for investment and collaboration.
Between our nations, we have all the necessary natural and human resources. We can cooperate in a way that benefits both of us and benefits our populations. The development of solid minerals in Nigeria requires the assistance of South African mining businesses. In Nigerian telecom, your business community has done well. Our entire country is rich in minerals, and you have considerable knowledge in this field. As brother and sister nations, we anticipate producing jobs and outcomes that are mutually beneficial in this sector, the President stated.
The South African President concurred that the two nations have much more wealth to build together in close and intentional partnership, with each nation leveraging on the other’s individual strengths. He made this statement in reference to President Tinubu’s swift execution of what he called “brave” economic changes.
We are the two largest economies on our continent, so strengthening our economic relations is crucial, especially in light of the African Continental Free Trade Agreement. The South African president stated, “We are quite interested in deepening our economic cooperation.
The South African President stressed that history has shown that Nigeria and South Africa can influence the globe on issues of shared interest when they work together.
“We would ideally like to see Nigeria and South Africa collaborating closely on a range of problems because whenever we stand together, we have a worldwide influence. The global south can advance if we work together. We are a region that has been pillaged. And affluent countries benefited greatly from it, so we must look for allies who will support us in advancing our own interests, the South African President emphasized.
The South African leader noted that Southern Africa needed to imitate the unity being displayed in West Africa as a result of the Niger Crisis and praised President Tinubu for his successful leadership as the Chairman of the ECOWAS Authority of Heads of State.
“We think that there is much that we can learn from ECOWAS and its cooperation in establishing common stances on sub-regional issues. Given the recent events in Mozambique and other places, this is something we aim to imitate in the Southern African sub-region, according to President Ramaphosa.
Following President Ramaphosa’s recent trip to Nigeria, the South African leader took advantage of the opportunity for a bilateral meeting to invite President Bola Tinubu to visit South Africa as part of efforts to strengthen bilateral relations and economic ties.
While accepting the invitation, President Tinubu stated that the strongest version of Africa—one in which Nigeria and South Africa are collaborating to advance their shared interests—is one in which, thanks to the enormous wealth of its people and natural resources, it can have a greater influence on world affairs.
“On the entire planet, our continent represents the final undeveloped resource for rapid, tremendous growth and new economic potential. The optimal outcome for all of us requires that we manage our own resources and cooperate to make the most of one another, Mr. President. The Nigerian leader said, “We look forward to an age of economically beneficial relationships.
Principal Ajuri Ngelale
President’s Special Advisor
(Advertising & Media)
August 18, 2023
