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The paper explores the role and the power potential of Nigeria and South Africa with special attention to their comparatively high military, economic, political capabilities that enable them to shape and dominate regional agenda. It also analyses the internal, regional and external dynamics within Africa, particularly in Economic Community of West African States (ECOWAS) and Southern African Development Community (SADC). The paper further thoroughly examines the hegemonic contest for the UN Security Council membership among the dominant African states through the lens of Ezulwini Consensus, as well as the Pan-African credentials of Nigeria and South Africa in accordance to their contribution to ensuring peace, stability and development on continental and sub-regional levels. Nigeria and South Africa are the most important actors on the African continent, but there are obvious constraints undermining their ability to play an effective regional role. Thus, the research was guided by the comparison case-study of Nigeria and South Africa in crucial for understanding power potential areas. The study concludes that although Pan-Africanism stands of Nigeria and South Africa are commendable, both powers mostly follow this strategy for advancing their national interests. Taking into account the whole set of internal and external factors, both countries need to unite their efforts and practical strategies to advance the common goal of Africa development, peace and security.