Xenophobic attacks on foreign nationals may damage the recovery of the African continent’s economy.
This revelation comes from the South Africa-Nigeria Chamber of Commerce (SA-NCC) situated in Johannesburg which represents South African and Nigerian companies doing business or exploring commercial opportunities in the two countries.
“The outbreak of xenophobic violence in South Africa and the reprisal events in Nigeria‚ including direct attacks on foreign-owned businesses in both South Africa and Nigeria‚ poses a threat to Africa’s fragile economic recovery‚” said SA-NCC President Suresh Chaytoo.
Chaytoo said the escalating tensions cried out for strong leadership to address the underlying socio-economic challenges that threaten to undermine commercial relations between the two African economic powerhouses.
Saying South African and Nigerian companies employ thousands of people in both countries‚ he warned of ill-informed‚ short-term solutions to address an intractable problem with roots in the socio-economic structures of many African countries.
“There is a strong and positive symbiosis between the two countries that has benefits for both‚ as both markets provide jobs where companies are invested.”
Total trade between South Africa and Nigeria has risen from R174 million in 1999 to almost R3 billion in 2008 and R66 billion in 2014. The trade balance is significantly in favour of Nigeria‚ a main exporter of crude oil to Pretoria‚ with the value of exports to South Africa reaching R38.5 billion in 2015‚ according to SA-NCC.
Chaytoo said while some SA-NCC corporate members were supporting relief efforts to alleviate the plight of Nigerian nationals affected by recent xenophobic attacks in South Africa‚ more pragmatic and sustainable solutions needed to be found to prevent a recurrence of the conflict.
The escalating tensions cried out for strong leadership‚ he said.
He added that Africa’s progress depends on Africans harmoniously exploiting the economic potential of the African continent.
“Unless Africans take bold steps to improve their socio-economic relations‚ Africa’s economic potential will benefit others – and not Africans‚” said Chaytoo.
Multi-billion-rand trade at risk from xenophobia
Xenophobic attacks on foreign nationals may damage the recovery of the African continent’s economy.
This revelation comes from the South Africa-Nigeria Chamber of Commerce (SA-NCC) situated in Johannesburg which represents South African and Nigerian companies doing business or exploring commercial opportunities in the two countries.
“The outbreak of xenophobic violence in South Africa and the reprisal events in Nigeria‚ including direct attacks on foreign-owned businesses in both South Africa and Nigeria‚ poses a threat to Africa’s fragile economic recovery‚” said SA-NCC President Suresh Chaytoo.
Chaytoo said the escalating tensions cried out for strong leadership to address the underlying socio-economic challenges that threaten to undermine commercial relations between the two African economic powerhouses.
Saying South African and Nigerian companies employ thousands of people in both countries‚ he warned of ill-informed‚ short-term solutions to address an intractable problem with roots in the socio-economic structures of many African countries.
“There is a strong and positive symbiosis between the two countries that has benefits for both‚ as both markets provide jobs where companies are invested.”
Total trade between South Africa and Nigeria has risen from R174 million in 1999 to almost R3 billion in 2008 and R66 billion in 2014. The trade balance is significantly in favour of Nigeria‚ a main exporter of crude oil to Pretoria‚ with the value of exports to South Africa reaching R38.5 billion in 2015‚ according to SA-NCC.
Chaytoo said while some SA-NCC corporate members were supporting relief efforts to alleviate the plight of Nigerian nationals affected by recent xenophobic attacks in South Africa‚ more pragmatic and sustainable solutions needed to be found to prevent a recurrence of the conflict.
The escalating tensions cried out for strong leadership‚ he said.
He added that Africa’s progress depends on Africans harmoniously exploiting the economic potential of the African continent.
“Unless Africans take bold steps to improve their socio-economic relations‚ Africa’s economic potential will benefit others – and not Africans‚” said Chaytoo.
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