South African Mega-store company Shoprite is evacuating from Nigeria

An unarguable largest African mega-store which is the South African Company, Shoprite Holdings Limited, has disclosed it’s intention to evacuate it’s mega-store company off in Nigeria.

The company which was brought into Nigeria during early 2005 and it is 15 good years since the establishment of the company in Nigeria. The PUNCH  report

The update partly read, 

“Despite difficult circumstances, in a year incorporating the COVID-19 lockdown and accompanying regulations governing trade, transport and operations, the Group increased total sale of merchandise for the 52 weeks to 28 June 2020 (including the impact of hyperinflation in the prior year) by 6.4% to approximately R156.9 billion. Like-for-like growth for
the year was 4.4%.

“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.

“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time.”

It is highly unarguable that the company has not helped Nigerians both on job creation and economic growth as well.

However, the exit of this great mega-store company is cost by the harm of the deadly most widely spread virus (covid-19) to the company’s biggest customers in Nigeria which has affected tremendously the well being of the company in Nigeria.