The number of South African companies investing in Nigeria has grown sharply in the past five years, the South Africa-Nigeria Chamber of Commerce said yesterday.

The number of South African companies investing in Nigeria has grown sharply in the past five years, the South Africa-Nigeria Chamber of Commerce said yesterday.

The chamber's CEO Dianna Games said the growth was driven by the success and procurement practices of pioneer firms such as MTN, and more recently by the reform of key sectors, notably banking and insurance.

"Nigeria is Africa's biggest market and has been attracting SA's biggest companies, despite the challenges of operating there," said Games.

Games said export figures from SA to Nigeria had shown significant growth since trade began in earnest a decade ago.

"In the first three months of 2009, Nigeria was SA's 20th destination globally for exports, up from 23rd for the whole of 2008, and its biggest in West Africa."

In 2008, the two countries' governments established a five-a-side Joint Presidential Advisory Council on Investment to increase trade and investment ties. - Sapa