"We are the two leading economies on the continent and we have the responsibility to provide leadership to revitalise Africa's economy," Tshediso Matona said.
Trade and investment between the two countries was growing at a phenomenal rate, "but we've only just started," Matona added.
He told the forum that the trade relationship, however, "was not optimal".
"SA's imports from Nigeria are still dominated by oil -- we believe there are opportunities to invest in Nigeria to help that economy diversify and therefore trade with us on a broader basis."
Unbalanced trade, he said, was a general phenomenon on the African continent -- and this should be changed.
Matona added that Nigeria should look at present trade barriers and high levels of tariffs.
"They do impede trade," he said.
He noted that South Africa used to have high levels of tariffs "but we've been lowering them and the results speak for themselves".
Nigerian trade policy was going in the right directions, but there were areas "where it could be opened up".
Matona said that South African business had been growing their presence in Nigeria and that it would be satisfying to see a larger Nigerian presence in the SA economy.
"Sustainability must surely be based on reciprocity," he said.
The two-day forum's purpose was to strengthen economic ties and co-operation between the two countries.
The number of South African companies present in Nigeria now stood at over 100.
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