The trade volume between Nigeria and South Africa plummeted to about N1.3 trillion (55 billion Rand) in 2016.
The trade volume decreased by 11.29 per cent from N1.5 trillion (62 billion Rand) in 2015,South African Ambassador to Nigeria, Lulu Aaron-Mnguni, has said.
The Envoy told the News Agency of Nigeria (NAN) in Abuja on Thursday that bilateral relations between the two countries were excellent but could be improved upon.
The trade between the two countries increased steadily from N488 billion (20.6 billion Rand) in 2010 to N1.5 trillion (62 billion Rand) in 2015.
He said the gradual movement was attributed to Nigeria’s demand for automotive parts, South Africa’s export cars, vehicles, structures and parts of structure, uncoated paper and paperboard.
“The volume of trade is 55 billion Rands; that is what I can say now. It is growing, of course there are challenges at this moment but it is growing and we want it to grow more.
“That is why we are working together in the field of diversification of the economy; we currently have South Africans that are working in some parts of Nigeria like in Jos and Kaduna.
“We are trying to make sure that we help in the field of mines and steel, of course we work together in the field of energy.
According to him, there is need to address the issue of poverty in both countries so that desperation among the people which ends up in mistrust and suspicion can be removed.
