JUST IN: Shoprite Announces Plans To Exit Nigeria
Africa’s biggest grocery retailer, Shoprite has announced plans to exit Nigeria, after 15 years.
This was disclosed in the company’s operational and voluntary trading update that was published this morning.
The South African retailer, says it will consider the potential sale of the majority stake of its Nigerian holdings, Retail Supermarkets Nigeria Limited.
The company said it has been approached by potential investors willing to take over its Nigerian operations.
“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation,” ShopRite said in a statement on Monday.
The announcement by ShopRite comes months after another South African brand, Mr Price, exited the market.