It's a very likely hypothesis. South semitic words in af Somali can be explained even if we accept the southern Ethiopia theory.It's outdated, since if that was the case Somalis would be rich in Horner HG ancestry.It seems SL/Eastern Ethiopia is the original homeland of the group that gave birth to Oromos/Konsoid and Somaloids.Different waves of Somaloids going south with the last being Af-Maxaa Somalis.
Somaloids being in Southern Ethiopia wouldn't explain Camel Herding and the non-Arabic Semitic loanwords shared in Af-Maxaa & Rendille
Somaloids probably originated in southern Ethiopia as a distinct group, they slowly migrated to modern day southern Somalia and formed the modern somaloids groups like garre and ancestors of Maay speakers, then we further moved north and reached Ogadenia, somaliland. If we diverged from Maay speakers 2000 years ago we could say that somalis reached the north around the first century d.c maybe earlier so Once we reached the north we got influenced by south Arabians and then moved back to the south as modern maxaa tiri speakers, Arab sources confirm hawiyes lived in Merca in the 12 the century so we can guess that we probably occupied our present day land a few centuries before. Somalis share roots with other horners but we are still genetically distinct from them and about 10% more Subsaharan African, this may be explained by the fact we weren't in the red sea/gulf of aden coast when modern day habesha ancestors got influenced by south Arabians
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