A number of Nigerian-owned businesses and properties were targeted during the attacks, leading Lagos to repatriate hundreds of its citizens back to Nigeria last week.
The violence also prompted reprisals against South African firms in Nigeria and led to the temporary closure of South Africa's diplomatic missions in Lagos and Abuja.
"A lot of South African companies, particularly consumer-facing ones, have been faced with very slow growth in South Africa in recent years, and they have seen the solution to that problem as being a really aggressive expansion in the rest of Africa," Ashbourne explained. "There are a variety of factors going into that — problems in the mining sector, electricity problems this year — but the key takeaway I guess is that it doesn't seem like it is a one-off shock," Ashbourne said. "It seems like trend growth in South Africa is very weak."Ashbourne pointed to telecommunications giant MTN as the "poster child" for international expansion, with around 60% of its revenue for 2018 coming from the rest of Africa .
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