Economy

The Centre for the Promotion of Private Enterprise (CPPE) has warned against any retaliatory action by the Nigerian government over recent xenophobic attacks in South Africa, saying such moves would damage the Nigerian economy and weaken investor confidence. In a statement issued on Wednesday, May 6, Chief Executive Officer of CPPE, Dr Muda Yusuf, described the attacks as troubling, especially as Nigerians have reportedly been among the victims. “Recent incidents of xenophobic attacks in South Africa are deeply troubling, especially as many Nigerian migrants have reportedly been among the victims. "Regrettably, some South Africans continue to target fellow Africans despite our shared history, common identity, and collective aspirations as a continent," Yusuf said. He noted that the attacks go against the spirit of African unity and cooperation, stressing that “Africans ought to see themselves as brothers and partners in development.” He explained that the violence is largely driven by economic and social pressures in South Africa, including unemployment, poverty, and inequality, which have fuelled resentment against migrants. “Many of the perpetrators are frustrated citizens who wrongly channel their anger towards innocent African migrants, particularly those perceived to be relatively successful in retail trade, informal businesses, and service-orientated activities,” Yusuf said. READ ALSO: Nigeria’s Economic Stability Improves in Q1, but Rising Costs Threaten Outlook — CPPE How Growing Xenophobic Wave Targets Nigerians Across Africa Xenophobia: 130 Nigerians Register for Voluntary Evacuation from South Africa Customer Loss, Cyber Threats Top Business Risks as Firms Face Fragile 2026 — NESG According to him, …