Africa’s largest retailer, Shoprite, is leaving Nigeria.
It has been in the country for 15 years.
This was disclosed in the company’s latest operational and voluntary trading update which was published this morning.
In its latest trading statement, the company said it has started a formal process to sell all or a majority stake in its Nigeria operations.
The South African retailer has been struggling in Nigeria in recent years owing largely to increased competition and government policies such as border closures and local production of consumables.
It was reported in April that Shoprite Nigeria lost 8.1% of sales in the H2 of 2019, which was related to the September 2019 xenophobic attacks.
Mr Price recently exited that market while Woolworths threw in the towel six years ago.
But Checkers and Usave have been successfully navigating the market.
It says it gained market share during the lockdown, with sales growing by 6.4 percent to over R156-billion.
