For Creamer Media in Johannesburg, I’m Lumkile Nkomfe.

Making headlines: Lamola urges increased investment, trade relations between SA, Nigeria; Mavuso backs Auditor-General on need for culture of accountability to be built in public sector; And, Africa enjoyed a 9% y/y increase in FDI in 2024, report shows

Lamola urges increased investment, trade relations between SA, Nigeria

International Relations and Cooperation Minister Ronald Lamola said today that to galvanise economic cooperation and build upon the already established sectors that South African and Nigerian investors focus on in these markets, the identification of bankable projects, particularly in infrastructure development, is one of the key priorities the countries should jointly pursue.

Lamola was speaking in Cape Town, during the Ministerial Session of the eleventh session of the Bi-National Commission between South Africa and Nigeria, where he pointed out that the large sizes of South Africa's and Nigeria’s economies dictated that the countries’ economic collaboration should be yielding more.

He said it was crucial for both countries to expand trade relations and use opportunities provided within the framework of the African Continental Free Trade Area Agreement. He explained that bilateral trade needed to reflect the enormous potential that was abundant in both countries.

Mavuso backs Auditor-General on need for culture of accountability to be built in public sector

In Auditor-General Tsakani Maluleke's report on the performance of national government entities and an assessment of the underlying performance of the public sector released during the final week of November, she recommended that the new administration build a culture of accountability and consequences.

The recommendations in the report include building infrastructure, systems and professionalism, managing service delivery risks better, planning better and having greater capacity to ensure good performance, business organisation Business Leadership South Africa CEO Busi Mavuso notes in her weekly newsletter of December 2.

The recommendations section of the A-G’s report is full of good guidance for the new administration on how to do that, from accounting officers to Parliamentary oversight, she added.

Mavuso said the AG had, once again, held the line on accountability and nudged government in a positive direction to ensure long-term performance and the better use of scarce public resources. She has given guidance on what they should be paying attention to and shone the spotlight on what can make a difference.

The AG’s report provides an "excellent set of objectives" that the Government of National Unity would be wise to pursue.

And, Africa enjoyed a 9% y/y increase in FDI in 2024, report shows

Africa recorded a 9% year-on-year increase in foreign direct investment projects this year, albeit still 22% below prepandemic levels in 2019, EY Africa’s latest yearly ‘Africa Attractiveness 2024’ report shows.

This growth contributed to the creation of more than 205 000 jobs, supported by a $164-billion capital investment across 798 projects.

The new report, published Monday, focuses on FDI in Africa and offers a comprehensive analysis of FDI trends across the continent, highlighting significant growth in key metrics despite a global economic backdrop of uncertainty.

Despite global economic challenges, Africa has demonstrated resilience and attractiveness for FDI in 2024, with notable growth in job creation and project numbers.

EY partner and Africa government and infrastructure industry leader Sandile Hlophe said the shift towards renewable energy underscored the continent's commitment to sustainable development, aligning with global sustainability trends.

The report indicates a 7% increase in the total FDI score from 2022, reflecting a robust recovery. This score has doubled from its low in 2021 at the height of the global health crisis.

That’s a roundup of news making headlines today

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