Africa’s biggest grocery retailer, Shoprite, has joined the ensemble of multinational companies exiting Africa’s most populated country, Nigeria. After 15 years, ShopRite began a formal process for the potential sale of all or a majority stake in its supermarkets in Nigeria. Its trading statement, for its 52 weeks financial period which ended in June, revealed this on Monday.

According to the company, potential investors had approached the Cape-town-based retailer, willing to take over its Nigerian operations. Therefore, the company is considering the offer because despite the rise in total sales, it is struggling outside South Africa. According to the report, the non-South Africa supermarket operation of the company, excluding Nigeria, contributed a small 11.6 per cent to the group sales. while, its non-South Africa sales also declined by 1.4 per cent in the year under review. The reason behind the decline being... https://olatorera.com/shoprite-set-to-exit-nigeria-after-15-years-of-operations/