Establish Branches In South Africa, Ramaphosa Urges Nigerian Banks

President of South Africa, Cyril Ramaphosa has urged Nigerian banks to set up branches in South Africa as the country signs more pacts with Nigeria on power, oil and gas, and other areas.

At a joint press conference at the State House when he visited President Muhammadu Buhari, the South African president said: “We are particularly encouraged by the interest from Nigerian banks and it has been recommended they work with the South African regulatory authorities to facilitate their access into the financial sector in South Africa.”

Recall that Nigeria’s Access Bank in June made its presence in South Africa with the opening of Access Bank South.

President Ramaphosa, who spoke about the new pacts, said: “At present, our countries have signed approximately 32 agreements and today we have added other agreements.”

President Muhammadu Buhari, said the signing of the pact was for the progress and prosperity of citizens of both countries.

‘‘Today has witnessed the signing of new Memoranda of Understanding between Nigeria and South Africa in diverse areas including youth development, women and child empowerment, and political consultations; critical areas that will lead to increased people-to-people contact.

‘‘Also, existing MOUs signed during previous Bi-National Commission meetings were also reviewed. These include MOUs on military cooperation, power, cooperation in the field of geology, mining, and mineral processing, oil and gas, and several others.”

Buhari said the inauguration of the Joint Ministerial Advisory Council on Industry, Trade and Investment, would enable the private sectors of the two largest economies in Africa to further promote economic cooperation and development.