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South Africa-Nigeria trade drop about $4.1b in 2016

South Africa-Nigeria trade drop about $4.1b in 2016

JOHANNESBURG: Trade volumes between Nigeria and South Africa fell to about N1.3 trillion ($4.1billion) in 2016 from N1.5trillion ($4.8billion) in 2015, South African Ambassador to Nigeria, Lulu Aaron-Mnguni, revealed.

Aaron-Mnguni who disclosed this in Abuja on Thursday said that bilateral relations between the two countries were excellent but could still be improved.

According to the envoy, trade increased steadily from N488 billion ($1.5billion) in 2010 to N1.5 trillion in 2015. This increase was as a result of Nigeria’s demand for automotive parts, South Africa’s export cars, uncoated paper and paperboard.

He added that South Africa wants to learn from Nigeria which is good in the field of oil and gas, in order to boost its economy.