Nigeria, South Africa Leaders Look to Advance Economic Cooperation

Recall that on Monday, President Tinubu advanced his economic development diplomatic drive for investment attraction as he held a bilateral meeting with South African President, Cyril Ramaphosa, in New York City, ahead of the United Nations General Assembly.

President Tinubu asserted that Africa must have a consensus view that the hundreds of billions of dollars spent through International Development Finance Institutions over the years must meet the specific needs of developing democracies in Africa, even if it is done with exclusive regard for their own enlightened self-interest.

He said: “During the end of the Second World War, the Marshall Plan was established for the reconstruction and economic restoration of European nations through Bretton Woods institutions. Where has this presence been for Africa? We have to be careful not to replace the broken shackle of yesterday with a new set of shackles. You can not have a stable democracy in the presence of a poverty of knowledge and a starvation of people.

“Democracy without food on the table is a breeding ground for what will consume us if care is not taken. We must join hands and agree that International Finance Institutions require reform as Africa is not to be a ground for economic scavenging any longer, but it is a place with gifted people that is ready for investment and cooperation.

“We have all the human and natural resources required between our nations. We can collaborate in a mutually beneficial way that enriches our populations. South African Mining industries have a role to play in the Nigerian solid minerals development sector. Your business community has done well in Nigerian Telecommunications.

“We have great mineral wealth across our land, and you have good expertise in this area. We expect to deliver jobs and mutually beneficial results in this area as brother and sister countries.“