Nigeria urged to nationalize South African companies

By Bloomberg | 08 Sep 2019 at 21:37hrs
Nigeria's ruling party urged the government to nationalize South African companies operating in the West African nation in retaliation for xenophobic attacks on its nationals.

Relations between Africa's two biggest economies have been tense following attacks on businesses run by migrant Africans in Johannesburg, which sparked reprisal raids by mobs on the offices of the South African mobile-phone company MTN Group Ltd. and stores operated by Shoprite Holdings in the commercial hub of Lagos and the capital, Abuja.

"Whereas South Africans continue to benefit from the Nigerian business environment and repatriating billions of dollars, the South African authorities appear jealous of the menial jobs which some Nigerians and other black people are involved in," All Progressives Congress party Chairman Adams Oshiomhole said in a video clip broadcast on Friday by Lagos-based Channels Television.

"It is worth it for the Nigerian government to take steps to take over the remaining shares of MTN that are owned by South Africans."

The APC chairman recommended similar measures for other South African companies, the boycott of their products and the revocation of landing rights for South African Airways.