The South African Institute of Professional Accountants (SAIPA) has signed a memorandum of understanding with the Council for the Association of National Accountants of Nigeria to facilitate cooperation and allow members to work in both countries, the institute announced last week.
The memorandum allows members of the one organisation to become members of the other, which will enable South African accountants to work in Nigeria and Nigerian accountants to practice in South Africa.
"Nigeria's business environment is in strong growth mode, and so offers the South African professional accountant a great new market in which to operate," the institute's chief executive officer, Shahied Daniels, said in a statement.
"We look forward to working closely with our Nigerian colleagues to build a reliable standards framework that will support bilateral trade and business."
Nigeria is Africa's most populous country and has emerged as a key trading partner for South Africa.
Nigeria has been recognised as one of the fastest growing economies in the world since 2001 and its gross domestic product is believed to average 6.8% until 2015, according to SAIPA.
Trade volumes between the two countries also increased to US$30-million in 2012.
"Africa is steadily building a business-friendly environment that is attractive to international investors and promotes intra-regional trade," said chief executive of the Council for the Association of National Accountants of Nigeria, Terkaa Gemade.
"This link between two leading professional accountancy bodies in Africa's two most important economies is an important step in building that environment and offers potential to the members of both organisations."