Arson, Looting and Xenophobic Attacks: Why Tension Is Rising Between Africa’s 2 Biggest Economies [Fortune]
SHOPRITE HLDGS LTD S/ADR (SRGHY)
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Source: Fortune
Pinterest South African businesses that operate across Africa have been attacked in reprisals for xenophobic violence in the country. The riots are causing particularly severe tensions in Nigeria, Africa’s biggest economy. Attacks on foreigners have been a reality for a long time in South Africa—the continent’s second-biggest economy—but this week has seen a notable upturn in mob violence, with riots taking place across the country that have left at least five people dead. The attacks tend to target immigrants from other parts of Africa, whom rioters accuse of taking jobs—South Africa’s unemployment rate stands at a perilous 29%—or engaging in criminal activities. The reprisals have caused upheaval for South African businesses such as the telecommunications giant MTN and grocery chains Shoprite and Pick n Pay—among the country’s largest companies. Much of the fallout has taken place in Nigeria, where MTN and Shoprite have both been forced to close stores arson and looting closed its e
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