President Tinubu Advances Stronger Economic Ties with South Africa; Seeks Reforms of Bretton Woods Institutions to Strengthen Resilience of Developing Democracies

On Monday, President Bola Tinubu boosted his economic development diplomacy drive for investor attraction as he engaged in a long discussion with South African President Cyril Ramaphosa in New York City, ahead of the United Nations General Assembly. The two leaders were involved in the discussion ahead of the United Nations General Assembly.

Even if it is done with an exclusive regard for their own enlightened self-interest, according to President Tinubu’s assertion, 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. This view must be held in order for Africa to have a consensus view.

“After the end of the Second World War, the Marshall Plan was developed for the purpose of assisting in the reconstruction and economic restoration of European nations through the institutions of Bretton Woods. Where on the African continent has this presence been? We can’t afford to make the mistake of buying a new pair of shackles just to replace the one that was broken the day before. In the context of widespread ignorance and widespread hunger among the population, it is impossible to maintain a functioning democracy. If we do not take precautions, democracy in which people do not have enough food to eat is a breeding ground for what will ultimately consume us. We need to come together and agree that the International Financial Institutions need to be reformed because Africa is no longer going to be a ground for economic scavenging; rather, it is going to be a place with talented people who are ready for investment and cooperation. We need to work together to make this happen.

“Between the three of us, we have access to all of the necessary natural and human resources. We are able to work together in a way that will be good to both of our people and will enrich them. The mining industries of South Africa have an important part to play in the overall growth of the solid minerals sector in Nigeria. Your commercial sector has achieved considerable success in the Nigerian telecommunications industry. You have a lot of knowledge and experience in this field, and our land contains a significant amount of mineral wealth. As countries that are more closely related to one another, “We expect to deliver jobs and results that are mutually beneficial in this area,” the President stated.

In reference to President Tinubu’s prompt execution of what the South African President referred to as “brave” economic changes, the South African President agreed that the two countries have much more wealth to build together in an intimate and strategic collaboration, with each nation leveraging on the assets that are unique to the other.

Because we are two of the largest economies on our continent, it is essential that we strengthen our economic relations, especially in light of the African Continental Free Trade Agreement. According to what the President of South Africa had to say, “We are very keen on the deepening of our economic relations.”

The President of South Africa stressed that history has shown that Nigeria and South Africa can move the globe on subjects of mutual concern when the two nations operate on the same wavelength. This point was emphasized by the President of South Africa.

“We would be overjoyed to see Nigeria and South Africa working closely together on a variety of topics because, on those occasions when we have joined forces, we have been able to make an impact on a worldwide scale through our united positions. If we work together, we can advance the situation in the global south. The continent that we inhabit has been pillaged to an extreme degree. “We must seek out partners who will help us to advance our own interests,” the South African President underscored, because wealthy nations made so much of it from us. “We must seek out partners who will help us to advance our own interests.”

Recognizing President Tinubu’s outstanding stewardship as the Chairman of the ECOWAS Authority of Heads of State, the South African leader stated that Southern Africa ought to replicate the cooperation that was being displayed in West Africa in the aftermath of the Niger Crisis.

“We believe that we have a great deal to learn from ECOWAS and its cohesiveness in terms of achieving consensus stances on issues pertaining to the subregion. In light of recent developments in Mozambique and other parts of the world, President Ramaphosa has stated that “this is something we seek to emulate in the Southern African sub-region.”

In addition, the South African leader took advantage of the opportunity presented by the bilateral engagement to extend an invitation to the President of Nigeria, Bola Tinubu, to pay a visit to South Africa. This invitation comes in the wake of President Ramaphosa’s recent trip to Nigeria and is part of an effort to strengthen both the economic ties between the two nations as well as the overall relationship between the two nations.

While accepting the invitation, President Tinubu stated that an Africa in which Nigeria and South Africa are working in synergy to advance their common interests is the most powerful version of the continent, which can make more of an impact on global affairs for the benefit of over one billion Africans with its enormous human and natural resource wealth. This is the version of Africa that President Tinubu affirmed is the most powerful version of Africa.

“Our continent is the only unexplored ground on the entire planet that has the potential for quick, huge expansion as well as new economic opportunities. We are responsible for our own resources, and we must collaborate in order to make the most of each other if we are to accomplish what is in everyone’s best interest, Mr. President. The Nigerian leader summarized his thoughts by saying, “We look forward to an era of economically productive relationship.”

Chief Ajuri Ngelale, also known as

Consultant of Special Concern to the President

(Public Relations and Media)

The 18th of September, 2023