Speaking during plenary on Tuesday, the former Edo State governor suggested that authorities consider revoking the operating licences of firms such as MTN and DSTV.
Oshiomhole argued that Nigeria must respond decisively to what he described as persistent hostility against its citizens abroad.
“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” he said.
He added that instead of remaining in a hostile environment, affected Nigerians could return home and take advantage of employment opportunities within South African-owned companies operating locally.
“When we hit back, the President of South Africa will not only talk but will also recognise that Nigeria cannot be intimidated,” he stated.
The lawmaker, however, acknowledged that any Nigerian found culpable of crimes in South Africa should face due process, stressing that unlawful killings cannot be justified.
“We will not condone any life being lost… but to kill our people as if we are helpless, we will not allow that,” he added.
His comments come amid rising diplomatic tension between Nigeria and South Africa over recent xenophobic incidents targeting foreign nationals, including Nigerians, in parts of the country.
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