adminAmbassador Mamabolo made this disclosure in a speech he delivered at the unveiling of the Abuja shopping mall.
Grand Tower African Property Fund, Novare South Africa and Stanbic IBTC developed the mall.
South African retail shop Shoprite is the anchor food tenant in the Abuja shopping mall which also houses a variety of international, national and local stores.
The South African high commissioner noted that trade volumes between the two countries will rise considerably in coming years, as his country is taking a resolution to look to Nigeria for oil and crude oil needs.
He, however, added that the trade relationship is currently in favour of South Africa which has a more diversified economy.
In his speech, Mamabolo said: “We are very happy with the development of the bi-national commission and we are looking forward to many other issues.
“I can actually say that in the next five years, we would want to increase investments. I do not know how much but there is a great potential here. For example, the one announcement that was made during the bi-national commission is that South African must begin to look towards Nigeria for his oil and crude oil.
“That is going to make a huge difference in terms of the volume of trade because as you know, Iran and many other countries are probably going to be under sanctions and so on, so Nigeria is going to be our focus as to where we get oil and that is going to increase our trade volume tremendously,” he said.
Grand Tower African Property Fund, Novare South Africa with Stanbic IBTC, DTV and Group 5 as partners, generated US$100 million for investment in West Africa with
Nigeria as the primary focus and Abuja considered as the first beneficiaries of the fund.
According to Ambassador Mamabolo, the new mall exemplifies what he termed, “the good existing relationship” between Nigeria and South Africa and which according
to him must be strengthened not just for the benefits accruing to the two countries but anticipated gains to the entire continent.
“I must say that I am very proud of this investment because to me, it is one indication once again that Nigeria and South Africa have no alternative but to be together. We absolutely have to be together, such that whatever South Africa might have as an advantage, Nigeria can share and vice versa. — CAJ News.
Online Reporter