Business

Here Are The Reasons Shoprite Is Leaving Nigeria

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Africa’s largest grocery store, , on Monday announced that it has begun processes to quit its operations in .

Here Are The Reasons Shoprite Is Leaving Nigeria
Here Are The Reasons Shoprite Is Leaving Nigeria

Shoprite’s decision may have opened up opportunities for small scale business but it also exposes how unfavourable the Nigerian market has become for foreign and even local investors.

Although Nigeria’s population would have been a blessing for investors, the high rate of poverty has made such a curse.

However, Shoprite did not expressly state non-profit ability nor hostile business environment as reasons for their planned exit but potential investors making offers.

Citing its reasons for quiting, Shoprite said: “Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited.

“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time.”

Nigerians Speak

Since the announcement was made public, Nigerians have taken to social media to react to the news. See reactions below:

 

Adelowo Adegboyega
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