Search Anything On Bridgeupdate.com

Trending

Africa’s biggest supermarket considers pulling out of Nigeria

Africa's biggest supermarket considers pulling out of Nigeria
Posted by bridgeupdate

Africa’s biggest supermarket, Shoprite, says it is considering pulling out of Nigeria.

It said it was looking at selling all “or a majority stake” of its operations in Africa’s most-populous country.

Shoprite is the latest South African retailer to look at leaving Nigeria – clothing firm Mr Price announced its exit in June, and Woolworths in 2014.

Shoprite’s decision comes at a time when Nigeria’s economy is struggling amid the COVID-19 pandemic.

Shoprite said lockdown restrictions because of coronavirus had affected its operations in 14 African countries, with sales declining by 1.4% in those markets. Its South African operations on the other hand witnessed “significant growth”.

The retailer has also been battling currency-induced inflation surges, especially in Nigeria, where it has been hit hardest.

The National Association of Nigerian Students (Nans) – which represents university students at campuses across the country – picketed branches of Shoprite and South African telecoms giant MTN, turning away staff and customers.

The student body demanded that all South African-owned businesses leave the West African state.


Source: Yahoo News!!

About the author

bridgeupdate

Leave a Reply