Opportunity Issue 88 - Sept-Oct 2018

INTERNATIONAL TRADE
Networking
with Nigeria
Trade mission meets with success
Earlier this year Wesgro’s Trade
Unit embarked on a mission to
Nigeria. As a result 10 declarations
were signed with an estimated economic
impact of R328 million over the next five
years, with the potential to create 75 jobs
in the Western Cape.
The mission formed part of Wesgro’s
Africa International Trade and Outward
Foreign Direct Investment Programme,
which helps local businesses ready to
invest in the rest ofAfrica. The delegation
comprised of 16 companies, five of which
were Halal Certified, looking to establish
trade and investment ties in Nigeria.
The mission programme comprised of
business networking seminars and b2b
meetings designed to provide a platform
for Western Cape companies to meet their
Nigerian counterparts with the view of
signing business deals and partnerships.
Sectors of focus included Agribusiness,
engineering and oil and gas.
Addressing delegates at the Business
Networking Forum hosted by Wesgro
in Lagos, the Chairman of the Nigeria-
South Africa Chamber of Commerce, Mr
Foluso Olajide Phillips, indicated that
the Nigerian economy is slowly recovering
from recent years of economic
hardship caused by the oil price crash
of 2014, which created havoc across oil
exporting regions around the globe.
He continued that the economy
has since seen growth in agricultural
exports, with lower inflation
rates bringing lower interest rates
resulting in a significant increase in
public expenditure.
“These factors coupled with the large
market of over 180 million people
provide unlimited opportunities for
Western Cape companies wanting to do
business in Nigeria. We want to thank
our partners, in particular the Deputy
Director-General of the Department of
Economic Development and Tourism
(DEDAT), for your continued support—especially
in the expanding of the
Western Cape's Halal footprint in the rest
of Africa,” commented Wesgro’s Head of
International Trade, Denan Kuni.
Wesgro CEO, Tim Harris, added: “The
Nigeria—South African Chamber of
Commerce is Wesgro’s strategic partner
in Nigeria. Through our partnership,
Wesgro’s delegates are able to tap into the
vast network of the Chamber’s members,
made up of a variety of key business sectors
of the Nigerian economy. Further to
this, the Chamber has been instrumental
in intensifying Nigerian and South African
business relationships in the area of promoting
bi-lateral trade and investment.”
The presence of multinational oil
companies and growth in the telecommunication
sector has generated a
significant level of business opportunities
for companies operating in sectors
such as agriculture, agribusiness, manufacturing
and light engineering.
In addition, the Nigerian government
is spending much more than the
previous administrations on capital
projects, such as road construction,
rail works and power, with the aim of
stimulating economic growth in the
region and diversifying away from an
over-reliance on oil for revenue.
Highlighting the importance of this
African market, Cape Town Executive
Mayor Patricia de Lille said: “We are
competing in a global village and in
doing so our Economic Growth strategy
also has a strong focus on building economic
ties with the rest of the Africa
and contributing to the Africa Rising
narrative through our Enhanced African
Agenda. It is key to create an enabling
environment for Cape Town businesses
to trade and invest with Nigeria as
Africa’s biggest economy.”
Minister of Economic Opportunities,
Alan Winde commented: “The Wesgro
trade unit has recorded yet another successful
trade mission, securing ten new
trade declarations, with a focus on Halal,
agri-processing and the oil and gas sectors
which form the cornerstones of our
Project Khulisa growth strategy. We look
forward to developing our relationship
with Nigerian businesses and growing
trade between our countries and on the
African continent as a whole.”
“Nigeria is the latest stop on a programme
of trade missions organised
by Wesgro in the 2018-19 financial
year—with the strategic objective of
positioning the Western Cape as key
supplier of products and services into
Africa. The Nigerian market is known
for being difficult to infiltrate however,
once you gain market access, the opportunities
across sectors are extensive.
We are excited to see Western Cape
companies extend their footprint in this
significant African market,” concluded
Wesgro’s Head of International Africa
Trade, Michael Tiam-Gamwo.
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