The Board of Africa’s biggest retailer, Shoprite, has announced plans to discontinue operations in Nigeria after 15 years in.
While this may open up opportunities for local investors in that sector, it is a bad pointer to what Nigeria has become as an investment destination.
In a statement signed by Shoprite, “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 statement continues, “As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite report its results for the year. Any further updates will be provided to the market at the appropriate time.”
This development came after MR Price left Nigeria for similar reasons and hosts of other retail supermarkets.
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