Nigeria pulls out of World Forum in Cape Town after violence

Nigeria has pulled out of the World Economic Forum going on in Cape Town, South Africa,  after a series of deadly attacks on foreigners, including Nigerians, in South African cities.

Nigerian Vice-President Yemi Osinbajo was scheduled to address a panel on universal energy access on Thursday.

The Nigerian government threatened to take action and the ministry of foreign affairs advised its citizens from venturing into "high risk" and "volatile areas" in South Africa.

On Wednesday, South African companies MTN and Shoprite closed stores in Nigeria after retaliatory attacks on their businesses.

As South African President Cyril Ramaphosa vowed to clamp down on the attacks, police reported that five people have been killed in South African cities while several businesses owned by foreigners have been looted and destroyed in three days of violence. About 50,000 people have been displaced, according to media reports.

The violence was allegedly sparked after a taxi driver was shot by unknown people on the street on Monday.

African Union Commission chairperson Moussa Faki has also condemned the attacks as several African countries cautioned their citizens against venturing into trouble zones until the situation was brought into control.

The World Economic Forum on Africa officially kicked off on Wednesday. The three-day event is expected to attract more than 1,000 policy makers, entrepreneurs and experts to discuss the continent's economic growth.

Event organizers said 10 heads of states were expected to attend. The theme of this year's gathering is "Shaping Inclusive Growth and Shared Futures in the Fourth Industrial Revolution."