South Africa and Nigeria are poised to collaborate in harnessing lithium resources to boost electric vehicle battery production as part of the green energy transition. President Ramaphosa emphasized the importance of cooperation in various sectors, including pharmaceuticals and clean energy manufacturing. Both nations seek to strengthen economic ties through the Joint Ministerial Advisory Council and address trade challenges, aiming for a mutually beneficial partnership. Nigeria’s stable investment environment was highlighted, promoting it as an attractive location for business growth.
President Cyril Ramaphosa of South Africa has expressed a commitment to collaborate with Nigeria in harnessing critical minerals, especially lithium, to foster the green energy transition and facilitate the development of electric vehicle (EV) batteries. During the Nigeria-South Africa Business Roundtable in Cape Town, he emphasized the potential of Nigeria’s extensive lithium reserves as a foundational element for industrialization within the EV sector, advocating for partnerships among the private sector and development finance institutions to enhance infrastructure and manufacturing capacities.
“There is also much opportunity for cooperation on pharmaceuticals. Our two countries are strategically positioned to benefit from the rapid growth of clean energy manufacturing industries,” stated President Ramaphosa, highlighting the importance of leveraging natural resources to promote green industrialization. He underscored South Africa’s Just Transition Framework and Investment Plan, which foresees significant investments in renewable energy and the green economy.
Furthermore, Ramaphosa pledged support for Nigeria’s bid to become a member of the G20, remarking that South Africa and the African Union stand as Africa’s representatives in this influential group. His remarks during the G20 presidency launch reaffirmed the necessity for increased inclusion of other key African nations in global discussions, aiming to raise Africa’s voice in vital economic matters.
At the Business Roundtable, both Presidents noted the formal activation of the Joint Ministerial Advisory Council on Industry, Trade, and Investment as a measure to strengthen economic ties. Ramaphosa acknowledged the need for diversifying trade beyond oil and gas dependency, expressing concerns over South Africa’s trade deficit with Nigeria while recognizing the importance of Nigerian investments within South Africa.
President Bola Tinubu echoed these sentiments, assuring that Nigeria is fostering a conducive business environment characterized by stability and security. He called for reciprocal actions from South Africa toward nurturing Nigerian businesses on its soil, emphasizing the strategic partnership between the two nations as essential for mutual prosperity. Tinubu described ongoing economic reforms in Nigeria, asserting that the nation offers unparalleled investment opportunities: “You cannot earn better on your investments elsewhere except in Nigeria.”
The collaboration between South Africa and Nigeria aims to capitalize on Nigeria’s lithium reserves, which play a crucial role in the development of electric vehicle batteries, supporting the global shift towards sustainable energy solutions. As African nations increasingly participate in the clean energy economy, the partnership reflects both countries’ aspirations to utilize their natural resources effectively. The formation of the Joint Ministerial Advisory Council signifies a strategic approach to resolving trade and investment challenges, aiming to foster economic growth and cooperation between these leading African economies.
In summary, the dialogue between Presidents Ramaphosa and Tinubu illustrates a strategic alliance aimed at harnessing Africa’s critical mineral resources for the green energy revolution, particularly lithium for electric vehicle batteries. Their commitment to enhancing trade relations through the Joint Ministerial Advisory Council signifies a broader goal of economic diversification and mutual prosperity. By working collaboratively, South Africa and Nigeria are setting a precedent for African nations to unite in addressing global economic challenges and ensuring inclusive growth across the continent.
Original Source: www.arise.tv
