Business professionals and media practitioners have cautioned against calls to shut down South African companies operating in Nigeria over recurring xenophobic attacks, warning that such a move could hurt Nigeria’s economy more than South Africa’s.
The experts made the remarks in separate interviews with the News Agency of Nigeria (NAN) on Monday, following renewed demands for economic retaliation after fresh attacks on Nigerians and other African nationals in South Africa.
The calls gained momentum after the National Association of Nigerian Students (NANS) threatened to shut down the operations of MTN Nigeria and MultiChoice if the attacks continued.
NANS President, Comrade Babatunde Akinteye, also urged Nigerians to close their accounts with Stanbic IBTC Bank and boycott other South African-owned businesses.
However, stakeholders argued that companies legally operating in Nigeria contribute significantly to the country’s economy through employment, taxes and investments.
A banker, Seyi Adeshiyan, warned against mixing diplomatic disputes with investment decisions, stressing that companies registered in Nigeria are part of the nation’s economy.
“If we chase away investors because of political disagreements, we risk creating uncertainty that affects every foreign investor,” she said, adding that Nigerians would bear the brunt through job losses, canceled contracts and reduced competition.
General Contractor and Project Manager, Ayooluwa Olushoga, described calls to expel South African firms as counterproductive, saying Nigeria could protect its citizens abroad without sacrificing jobs, tax revenues and investments.
Guardian ICT Editor, Yemi Adepetun, also warned that a blanket expulsion could damage Nigeria’s fragile economy and provoke retaliatory measures.
“A blanket expulsion harms Nigerian workers and tax revenue more than it punishes South Africa,” he said, urging the government to deploy diplomatic channels, visa reciprocity and stronger consular support instead.
Similarly, caterer Tosin Monijesu said the focus should shift from forcing foreign firms out to empowering Nigerians to own and compete in key sectors through public listings, joint ventures and local investments.
Nairametrics Editor Samson Akintaro urged the government to prioritize Nigeria’s economic interests, warning that hostile actions toward foreign investors could erode investor confidence. He recommended stronger diplomatic measures, including recalling Nigeria’s ambassador to South Africa.
Businesswoman Bunmi Farotimi said public anger over repeated attacks was justified but should not dictate national policy.
“We have to ask whether such a decision would improve the safety of Nigerians abroad or simply create new economic problems at home,” she said.
BusinessDay Tech Editor Royal Ibeh noted that companies such as MTN, MultiChoice and Stanbic IBTC have become major contributors to Nigeria’s economy through jobs, taxes and investments.
“The best approach is strong diplomacy with South Africa, not shutting businesses. We must protect Nigerians while keeping the economy stable,” she said.
The respondents unanimously urged the Federal Government to respond firmly to xenophobic attacks through diplomacy, legal channels, and strategic economic policies, rather than through actions that could undermine Nigeria’s own economy.
