Shoprite is leaving Nigeria and here’s why

 The COVID-19 pandemic and the group's re-evaluation of its operating model in Nigeria means Shoprite is leaving town.

A Shoprite outlet

Africa's biggest grocery retailer and the South Africa-owned chain of stores, Shoprite, is exiting Nigeria--Africa’s most populous nation and largest market--after 15 years.

Shoprite is re-evaluating its operating model across Africa, amidst logistic concerns and the novel coronavirus pandemic.

A dip in sales in Nigeria means it is now shutting shop.

“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,” the company said in a statement.

By Steve Dede.

Full story at Pulse NG.