South Africa’s President, Cyril Ramaphosa, has called on Nigerian banks to expand their operations to South Africa.
He made the call during a Press Conference at the State House in Abuja where both countries announced that various deals have been signed in the power, oil and gas, and other sectors. Speaking on the deals, Ramaphosa disclosed that both countries currently signed approximately thirty-two deals and more are still in the works.
Ramaphosa stated that interest from Nigerian banks is an encouragement and recommended that the banks align with South Africa’s regulatory authorities so as to pave way for their entry into the South African financial sector.
Similarly, Nigeria’s President Muhammadu Buhari also noted that the signing of the deals was for the benefit and progress of both countries.
He stated further that the two countries have signed Memoranda of Understanding in diverse areas including youth development, women and child empowerment, and other important sectors that will lead to increased people-to-people contact.
Recall that in June, Nigeria’s Access Bank opened a new branch in South Africa.
