Popular South Africa’s grocery retailer, ShopRite is leaving Nigeria, Africa’s biggest market 15 years after it gained entry into the West African country.
The announcement made by ShopRite came months after another of South Africa’s brand, Mr Price, exited the market.
The international supermarkets (excluding Nigeria) has contributed 11.6% to group sales and reported 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and saw 8.7% rise for the year.
According to reports from The Guardian, the company said that proposals were being offered by potential investors willing to take over its Nigerian operations, considering an outright sale of its operation or selling a majority stake in its Nigerian subsidiary.
“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation,” ShopRite said in a statement on Monday.