So ShopRite as we know it would cease to exist?

PMB successfuy drove these guys out with his lamentable exchange rate policy and other polices.

grandstar:
PMB successfuy drove these guys out with his lamentable exchange rate policy and other polices.

They should have buy naija to grow naira

Shoprite frustrated their Nigerian suppliers because they wanted to sell mostly South African goods which is in complete violation of their agreement with the Obasanjo administration (which Jonathan did not insist on).
They were getting away with it during the hey days of the Jonathan administration because they were in cahoot with certain elements in that administration to undermine Nigerians.

Well, chicken has now come home to roost.... foreign exchange cost is through the roof!
Their goods are unaffordable and there is more competition now, hence their recent struggles.

Agboriotejoye:

They should have buy naija to grow naira

Such policies like buy Naija to grow Naija don't work.

What makes countries prosperous is when they focus resources on areas they have comparative advantage.

Look at crude oil. It is something we have comparative. Look at the huge benefit it has brought the country. Just imagine where the country would be if the oil industry was fully developed.

Imagine the country refined 3m barrels of crude daily, it is the 2nd largest exporter of gas in Africa, it is by far the largest producer of petrochemicals in Africa and its oil servicing companies the biggest in Africa and also active in other parts of the world and produces 80,000MW and exports to other African countries, where would Nigeria be? I'm sure Nigeria's per capita income would be at least 3 times this size.

South Africa fully developed its solid mineral resources and that's what has made it has prosperous as it is today. One of its gold companies is a well known global player.

What Nigeria needs today is low lending rates so that companies can borrow. This is actually Nigeria biggest problem apart from the useless forex control policies of PMB that has wrecked the economy.