Xenophobia: Relocate Your Businesses to Lesotho, Prime Minister Urges Nigeria Investors

•Promises 100% repatriation of capital Adedayo Akinwale in Abuja The Kingdom of Lesotho has called on Nigerian investors to relocate their businesses from South Africa to the mountain country, while assuring them of security. The call came following the the recent xenophobic attacks against Nigerians and some other migrants in South Africa where their businesses were attacked and some killed in the process. The meeting was facilitated by the African Leadership Organisation and the Abuja Chamber of Commerce and Industry (ACCI). The Prime Minister of the Kingdom of Lesotho, Sam Matekane, while speaking on Wednesday in Abuja during the Nigeria-Lesotho B2B Business Meeting, with the theme; “Building partnerships, expanding trade and creating prosperity.” He said his country was committed to economic transformation, focusing on industrialisation, infrastructure and creating opportunities, especially for women and youth. He explained that Lesotho’s strategic location — abundant water resources, renewable energy potential and young workforce make it an attractive destination for investment in sectors like manufacturing, construction, digital technologies, tourism and renewable energy. Matekane stressed the importance of the African Continental Free Trade Area in fostering intra-African trade and regional value chains. His words: “For decades, our economies have looked outward for investment markets and partnerships. Today, the African Continental Free Trade Area provides us with an opportunity to increasingly look inward to strengthen intra-African trade, build regional value chains and unlock the immense potential that already exists within our continent. “We have come to Abuja to establish new relationships, deepen existing partnerships, and present the system as a destination for investment, innovation and enterprise. “Our national development agenda is anchored on the objective of building an inclusive, productive, and private sector-led government. We are implementing reforms, accelerating industrialisation, improving infrastructure, enhancing competitiveness, and creating opportunities for our people, especially women and young.” This vision, the Prime Minister noted, involved his government’s commitment to economic transformation, resilience, and sustainable growth, as reflected in the country’s national development priorities. Matekane noted that for this reason, his government continued to prioritise investment, institution strengthening, and measures that improve the ease of doing business. “We are committed to creating a stable, transparent, and predictable environment in which investors and businesses can be anchored by,” the Prime Minister assured. He emphasised that competitive opportunities across several sectors: Lesotho’s strategic location within Southern Africa, access to regional markets, abundant water resources, renewable energy potential and young workforce make the country an attractive destination for investment. Matekane was of the opinion that the success of the continent would depend on building generational wealth through our ability to create ecosystems in which young people can innovate, build businesses, and create jobs. In his submission, Lesotho Minister of Foreign Affairs, Lesego Makgothi assured of adequate security for the investors and their businesses, saying Lesotho is also a victim of xenophobia in South Africa. “Lesotho is a suitable investment destination because it sits right within South Africa and relocating your investment from where you no longer find joy…, still assures you that access to the African market. So I can guarantee the social investment journey is conducive.” Also, Chief Executive Officer of Lesotho National Development Cooperation, Mr. Thabo Khasipe said Lesotho, with its skilled workforce and infrastructure, offers a “plug-and-play” environment for investors. He explained that Lesotho’s membership in the South African Development Community (SADC) comprising South Africa, Namibia, Eswatini, and Botswana, facilitates free movement of capital and goods, enhancing market access, while extending market reach to countries like Tanzania and DR Congo. Khasipe stated: “When you trade within that five grouping of five countries, there’s free mobility of goods without customs duty, there is free mobility of capital also without any restrictions whatsoever. “So what happens is, if you are buying raw material from outside the five member states, they will enter any of the five countries duty free. You don’t pay any customs duty, and these are very high duties, by the way. In some cases, 40 per cent of the value, so it’s a major benefit. You import them duty free if it’s raw materials. But here’s a condition: it is provided you’re ready to manufacture for export outside the five member states.” On the ongoing xenophobic attacks in South Africa, which Nigerians investors complained of, Khasipe explained that Lesotho is also a victim. He noted: “We had buses taking people from South Africa into Lesotho. Lesotho are also victimised in South Africa, and therefore it’s an opportunity to rebalance your investments. “We are ready to accept any Nigerian investment which wants to relocate from South Africa into Lesotho because of the problems that they’re having right now.” Khasipe stressed that Lesotho was ready to tap into the Nigerian entrepreneurial spirit which they thought was the missing link. He said the country has an effective taxation system that prevents double taxation companies, cheap electricity tariff and also guarantees 100 per cent repatriation of capital. On his part, the Publisher, African Leadership Organisation, Dr. Ken Giami, emphasised the importance of partnerships between both countries for achieving significant guarantees. He stressed that the event was more than just conversations; it’s about fostering collaborations to shape Africa’s future. According to him, The goal is for attendees to take their discussions to the next level by scheduling meetings and engaging in face-to-face interactions that could spark broader collaborations across the continent. Giami said that ACCI is a crucial entity for vetting and ensuring the legitimacy of partnerships. Speaking, the Second Vice President ACCI, Mr. Idi Hong stressed the need for a direct flight between Nigeria and Lesotho to avoid going through South Africa. He said Lesotho is an independent and sovereign nation that has never recorded any incident of xenophobic attacks.