Senate President Godswill Akpabio has cautioned against calls to revoke the operating licences of South African companies in Nigeria, insisting that such actions could damage the country’s investment climate and economic reputation.
Akpabio made the remarks during a Senate debate on the recurring attacks on Nigerians living in South Africa, following suggestions by some lawmakers that Nigeria should retaliate economically against South African businesses operating in the country.
Among those who spoke strongly during the debate was Senator Adams Oshiomhole, who urged tougher measures in response to the alleged maltreatment of Nigerians abroad.
However, Akpabio argued that targeting foreign-owned firms such as MTN Nigeria and DStv Nigeria would send the wrong signal to international investors and undermine confidence in Nigeria’s economy.
“We must protect investments and ensure that Nigeria remains attractive to foreign businesses,” Akpabio said during the session, emphasizing that emotional reactions should not override long-term national economic interests.
The Senate President maintained that while the protection of Nigerians overseas remains important, diplomatic engagement and constructive dialogue would be more effective than punitive economic measures.
The debate reportedly became heated at some points, with lawmakers divided over how Nigeria should respond to the situation in South Africa.
Despite the differing opinions, the Senate resolved to pursue diplomatic channels aimed at safeguarding Nigerians abroad while preserving a business environment favourable to foreign investment.
The resolution reflected the Senate’s attempt to balance national interest, citizen protection, and economic stability amid growing concerns over the treatment of Nigerians in foreign countries.