The Board of Africa’s biggest retailer, Shoprite is considering putting an end to its operation on the continent’s most populated country, Nigeria, after 15 years.
The Cape Town-based retailer has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria, it said in a trading statement for the 52 weeks to end June released on Monday.
Bloomberg reports that Shoprite is considering selling its Nigerian operations. This process was initiated after the grocer said in November that it was reviewing its supermarket operations outside South Africa and would consider exiting certain countries if that would help reverse regional sales declines. The retailer has been battling currency-induced inflation surges in several other African countries.
While this may open up opportunities for local investors in that sector, it is a bad pointer to what Nigeria has become an investment destination.
Below is the report released for the by the grocery giant;