The Kingdom of Lesotho has extended a formal invitation to Nigerian business owners to consider relocating their operations from South Africa to the small mountain kingdom, offering assurances of security and a business-friendly environment.
The overture comes in the wake of recent xenophobic violence in South Africa, where Nigerian-owned businesses were targeted, properties looted, and in some cases, lives lost. The meeting was facilitated by the African Leadership Organisation in collaboration with the Abuja Chamber of Commerce and Industry (ACCI).
Lesotho’s Prime Minister Leads the Pitch
Speaking on Wednesday at the Nigeria-Lesotho B2B Business Meeting in Abuja—themed “Building partnerships, expanding trade and creating prosperity”—Prime Minister Sam Matekane laid out his country’s vision for economic transformation, emphasizing industrialization, infrastructure development, and creating opportunities for women and youth.
Matekane highlighted Lesotho’s strategic advantages: abundant water resources, renewable energy potential, and a young, trainable workforce. He identified manufacturing, construction, digital technologies, tourism, and renewable energy as key sectors ripe for investment.
A Call for Intra-African Trade
The Prime Minister underscored the transformative potential of the African Continental Free Trade Area (AfCFTA) in reshaping the continent’s economic landscape.
“For decades, our economies have looked outward for investment markets and partnerships. Today, the African Continental Free Trade Area provides us with an opportunity to increasingly look inward to strengthen intra-African trade, build regional value chains, and unlock the immense potential that already exists within our continent,” Matekane stated.
He added: “We have come to Abuja to establish new relationships, deepen existing partnerships, and present Lesotho as a destination for investment, innovation, and enterprise.”
A Private Sector-Led Development Agenda
Matekane said Lesotho’s national development agenda is anchored on building an inclusive, productive, and private sector-led economy. He noted that his government is implementing reforms to accelerate industrialization, improve infrastructure, enhance competitiveness, and create opportunities—particularly for women and young people.
The Prime Minister assured Nigerian investors that his government is committed to creating a stable, transparent, and predictable business environment.
“We are committed to creating a stable, transparent, and predictable environment in which investors and businesses can be anchored,” he said.
Competitive Advantages
Matekane emphasized Lesotho’s competitive edge: its strategic location within Southern Africa, access to regional markets, abundant water, renewable energy potential, and youthful population make it an attractive destination for investment.
The Bigger Picture
The Prime Minister concluded that Africa’s success would ultimately depend on building generational wealth through ecosystems that enable young people to innovate, build businesses, and create jobs.
