Nigeria’s President Bola Tinubu held talks with South African President Cyril Ramaphosa in New York, in an effort to foster economic cooperation between the two largest economies in Africa. The meeting took place ahead of the United Nations General Assembly.
Tinubu expressed the potential for collaboration between the two countries, particularly in the mining and telecommunications industries, which could contribute to job creation. Tinubu has been implementing bold reforms in Nigeria, including the elimination of a costly petrol subsidy and the lifting of foreign exchange trading restrictions. These actions are aimed at reviving the country’s struggling economy, burdened by heavy debt, slow growth, and high inflation.
President Ramaphosa praised Tinubu’s courageous economic reforms and vowed to explore greater partnerships with Nigeria. He emphasized the importance of deepening economic ties, especially in light of the African Continental Free Trade Agreement. Ramaphosa highlighted the positive global impact that joint efforts between Nigeria and South Africa have had in the past.
Tinubu also called on South Africa to join Nigeria in advocating for reforms of global financial institutions, with the aim of addressing Africa’s poverty and economic challenges. He stressed the need for these institutions to recognize Africa’s potential for investment and cooperation rather than exploiting its resources.
In addition to his meeting with President Ramaphosa, Tinubu is scheduled to meet with U.S. President Joe Biden and executives from Microsoft, Meta, and Exxon Mobil during the U.N. General Assembly. These engagements aim to mobilize global capital for infrastructure development in Nigeria.
Overall, President Tinubu’s discussions with President Ramaphosa and other global leaders signify Nigeria’s commitment to fostering economic cooperation and attracting investment for its development agenda.