Business professionals and media experts have cautioned against calls to shut down South African companies operating in Nigeria, warning that such a move could inflict greater economic harm on Nigeria than on South Africa. Their comments follow renewed public outrage over xenophobic attacks on Nigerians and other African nationals in South Africa.
The stakeholders were reacting to threats by the National Association of Nigerian Students (NANS) to target businesses such as MTN Nigeria, MultiChoice and Stanbic IBTC if attacks on Nigerians continue. While condemning the violence, they argued that companies operating legally in Nigeria contribute significantly through job creation, tax payments and investments, making them vital to the country’s economy.
According to the respondents, Nigeria should pursue stronger diplomatic engagement, legal action and regional cooperation through the African Union rather than policies that could discourage foreign investment or trigger economic retaliation. They also called for improved support for Nigerians living abroad, including legal assistance, emergency response mechanisms and stronger consular protection.
Some experts further urged the government to strengthen indigenous businesses by encouraging greater Nigerian ownership in key sectors through public listings, joint ventures and local investment. They maintained that building a stronger domestic economy would better protect Nigeria’s long-term interests while preserving investor confidence and employment opportunities.
The stakeholders agreed that while the Federal Government must respond firmly to xenophobic attacks and protect Nigerians overseas, any action taken should balance justice with the need to safeguard economic stability and sustain investor confidence.
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