President Tinubu Strengthens Economic Ties with South Africa; Seek Bretton Woods Reforms to Strengthen Developing Democracies

By TheNigerian On Sep 18, 2023

On Monday, President Bola Tinubu participated in a long bilateral meeting with South African President Cyril Ramaphosa in New York City, in advance of the United Nations General Assembly. This discussion allowed him to promote his economic development diplomatic drive for investor attraction.

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 successful economic future.

“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 exactly did this presence exist for Africa? We have to be very careful not to replace the shackle that was broken the day before with a new one from the same set. If there is a lack of education and people are going hungry, it is impossible to have a functioning democracy in the same place. A democracy where people don’t have enough food to eat is a breeding ground for what will consume us if we don’t take care of it. Because Africa is no longer going to be a site for economic scavenging, but rather a country with talented people who are ready for investment and cooperation, we need to come together and agree that the International Financial Institutions need to be reformed. This is something we need to do before we can go forward.

“Between our nations, we possess the entirety of the necessary natural and human resources. Together, we can work in a way that is helpful to both of our populations and contributes to their growth. The development of Nigeria’s solid minerals sector is one area in which the South African mining industries may contribute. In terms of Nigerian telecommunications, your business community has fared quite well. You have a lot of experience in this field, and our country is home to a vast array of mineral resources. As countries that are “brothers and sisters,” the President emphasized that they “expect to deliver jobs and results that are mutually beneficial in this area.”

In reference to President Tinubu’s prompt execution of what the South African President referred to as “brave” economic changes, the South African President concurred with the statement that the two countries have much more wealth to build together in a tight and intentional cooperation, with each nation leveraging on the assets possessed by the other.

“We are two major economies on our continent, and it is important that we deepen economic ties, particularly in light of the African Continental Free Trade Agreement. It is important that we work together to strengthen economic ties.” According to what the President of South Africa remarked, “We are extremely interested in expanding the scope of our economic relations.”

The President of South Africa highlighted 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 was a point that he made often during his speech.

“We would be ecstatic to see Nigeria and South Africa working closely together on a number of issues because every time we have joined forces, we have been able to make an impact on a global scale through those joint positions. We would love to see this happen.” If we work together, we can propel countries in the global south ahead. We are a continent that has been stripped of its resources. And prosperous countries made so much of it off of us; thus, we need to look for partners who will assist us in advancing our own interests, as the President of South Africa stated.