The Centre for the Promotion of Private Enterprise (CPPE) has warned against any retaliatory action by Nigeria 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-oriented activities,” Yusuf said.
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According to him, Nigerians have become easy targets due to their strong presence in business and trade.
“Nigerians appear particularly vulnerable because of their strong entrepreneurial presence in South Africa’s informal economy,” he said.
He added that weak policing and law enforcement have also contributed to the attacks, urging South African authorities to act decisively.
“The South African government has an obligation to protect the lives and property of all persons residing within its territory, including Nigerians and other African migrants,” the CPPE boss said.
Pinnacle Daily reports that the recent resurgence of xenophobic attacks on Nigerians and citizens of other African countries by South Africans has raised retaliatory concerns.
However, while condemning the attacks, Yusuf, a renowned economist, cautioned against extreme responses from the Nigerian government, including calls to target South African businesses.
“However, extreme responses by the Nigerian government [as proposed by some members of the National Assembly], such as targeting South African investments in Nigeria, revoking operating licenses of South African firms, or nationalising South African-owned assets would be inappropriate, disproportionate, and counterproductive,” Yusuf warned.
He stressed that such actions could harm Nigeria more than South Africa by undermining investor confidence and disrupting economic ties.
Yusuf noted that South African companies operating in Nigeria have made significant contributions to the economy through job creation, improved services, and increased government revenue.
“Disrupting these investments would not only hurt the affected companies but would also adversely impact Nigerian workers, suppliers, service providers, and consumers who depend on these businesses,” he maintained.
He said the better approach is for Nigeria to engage South Africa diplomatically to ensure the safety of its citizens while preserving economic relations.
“The appropriate response, therefore, should be constructive engagement—intensifying diplomatic efforts with South African authorities to ensure the protection of Nigerians and other African migrants while preserving the integrity of mutually beneficial economic relations,” Yusuf said.
He added that South Africa must address deeper structural issues such as unemployment and inequality, while both countries should prioritise the rule of law and strengthen African solidarity.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X