Lagos woos South African investors with $1.2b digital push

She said these moves are critical as Nigeria and South Africa — Africa’s two largest economies — attempt to reverse historically low levels of bilateral trade despite strong diplomatic and investment ties.

 “Structural bottlenecks have long limited intra-African trade, but reforms at the subnational level, particularly in Lagos, could help unlock new value chains,” she said.

The state’s medium-term strategy, anchored on its Industrial Policy (2025–2030) and Development Plan 2052, targets export-led growth, with a focus on manufacturing, technology, and services, Ambrose-Medebe said.

She said the flagged upcoming investment roadshows, including the “Invest in Lagos” initiative in partnership with the Commonwealth Enterprise and Investment Council, is aimed at converting investor interest into bankable projects.

South African firms, already dominant in sectors such as telecommunications, retail and financial services in Nigeria, are being encouraged to expand into renewable energy, infrastructure financing, agribusiness value chains, and the creative economy.

According to the Commissioner, Governor Babajide Sanwo-Olu’s administration has allocated more than 52per cent of its 2026 budget to capital expenditure, signalling continued emphasis on infrastructure-led growth.

For investors, the pitch is clear: Lagos wants to be the entry point into a rapidly integrating African market. “This roundtable must move beyond dialogue to concrete deals and joint ventures”, Ambrose-Medebe said, underscoring a push for deeper commercial ties between the continent’s economic heavyweights.

The Chairman of the Nigerian-South Africa Chamber of Commerce, Ije Jidenma, called for deeper trust, joint ventures and outcome-driven partnerships between Nigerian and South African firms, as both countries seek to convert diplomatic ties into tangible economic gains.

Jidenma said economic diplomacy must move beyond rhetoric to deliver measurable progress in trade, infrastructure and private sector collaboration. She praised the vision of South Africa’s Consul General, Bobby Moroe, noting his role in advancing bilateral engagement and positioning the relationship as central to Africa’s growth agenda.

 “At its core, economic diplomacy is about deploying economic tools—trade, investment, finance—to advance national interests,” Jidenma said, adding that the chamber is working to ensure businesses from both countries expand across each other’s markets on a “win-win and sustainable basis.” He said stronger collaboration could drive export growth, attract capital and technology, and help secure critical infrastructure across sectors such as energy and food systems.

The push comes amid shifting global economic dynamics that are forcing African economies to look inward for growth. Jidenma described the roundtable as both “timely and strategic,” arguing that Nigeria and South Africa must lead by example in strengthening partnerships across infrastructure, logistics, housing and digital connectivity to unlock investment flows and boost productivity.

He acknowledged persistent structural and perception challenges but stressed that building trust remains central to unlocking the full potential of the relationship. “Our role is also about attitudinal change,” she said, urging businesses to look beyond short-term obstacles and align around a broader continental vision.

Jidenma pointed to growing private sector leadership as a catalyst for that shift, citing remarks by Mcebisi Jonas on embedding corporate activity within national development priorities. Companies, she said, must go beyond profit-making to become part of the “fabric of nation-building,” integrating investment with long-term socio-economic impact.

The chamber, she added, is positioning itself as a bridge to facilitate deals, reduce information gaps and support market entry for businesses on both sides. Discussions at the roundtable are expected to focus on practical outcomes, including closing financing gaps, improving broadband infrastructure and creating a more enabling environment for private sector participation.

With Africa’s largest economies under pressure to deliver on integration ambitions, Jidenma said the success of the platform would ultimately depend on its ability to translate dialogue into projects. “The people in this room can activate transformative infrastructure—not just for our two countries, but for the continent,” she said.

As stakeholders deepen engagement, the Nigeria–South Africa corridor is increasingly seen as a test case for whether economic diplomacy can deliver scalable, private sector-led growth across Africa.

Acting Consul General Kgothatso Xulu, representing Consul General Bobby Moroe, said both countries must move beyond dialogue to structured, results-driven engagement capable of unlocking continental growth. He argued that while high-level conversations have helped sustain diplomatic goodwill over the years, the next phase of the Nigeria–South Africa relationship must be defined by implementation—clear timelines, bankable projects and measurable outcomes that directly impact trade, investment and industrial development.

According to her, aligning policy with private sector priorities will be critical to achieving this shift. He noted that regulatory bottlenecks, market access constraints and fragmented value chains continue to limit the full potential of bilateral trade, despite the size and influence of both economies. Structured engagement, she said, should focus on resolving these barriers through coordinated reforms, while also expanding opportunities in key sectors such as telecommunications, energy, infrastructure and digital innovation.

Xulu stressed that the stakes go beyond bilateral gains, positioning Nigeria and South Africa as joint drivers of Africa’s economic future. With the African Continental Free Trade Area opening new pathways for intra-African trade, she said both countries carry a responsibility to lead by example—demonstrating how strategic cooperation can translate into scalable growth, stronger regional value chains and inclusive development across the continent.