Africa's two largest economies must work together to foster continental economic growth and strengthen democracy, Nigerian President Bola Tinubu told his South African counterpart yesterday ahead of the sitting of the United Nations General Assembly in New York.
Tinubu said it was vital that the two countries pressed for reform of global finance institutions in Africa's interest.
In a statement by presidential spokesman Ajuri Ngelale, Tinubu asserted that Africa must have consensus about the hundreds of billions of dollars spent through International Development Finance Institutions over the years.
He stressed that it must meet the specific needs of developing economies with all the consequent employment and export possibilities it offers.
Tinubu added that it must also strengthen democracies in Africa.
"At the end of the Second World War, the Marshall Plan was established for the reconstruction and economic restoration of European nations through Bretton Woods institutions.”
He asked how Africa was “present” (considered) insofar post-war rebuilding was concerned. Tinubu said: "We have to be careful not to replace the broken shackle of yesterday with a new set of shackles.
"You cannot have a stable democracy in the presence of a poverty of knowledge and starving people. Democracy without food on the table is a breeding ground for what will consume us if care is not taken.
"We must join hands and agree that international finance Institutions require reform as Africa is not to be a ground for economic scavenging any longer, but a place with gifted people that is ready for investment."
Tinubu told President Cyril Ramaphosa that Nigeria and South Africa have all the human and natural resources required and can collaborate in a mutually beneficial way that enriches their populations.
"South Africa's mining sector has a role to play in Nigerian solid minerals development. Your business community has done well in Nigerian telecommunications," he said.
Ramaphosa agreed that the two countries can create wealth together in a close, bilateral partnership.
"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. We are very keen on the deepening of our economic relations," he said.
Ramaphosa added that southern Africa had a lot to learn from the Economic Community of West African States and its unity in reaching consensus positions on sub-regional matters. "This is something we seek to emulate in the southern African sub-region in view of events in Mozambique and other areas," he said.
