Shoprite Holding Ltd, the owners of Retail Supermarkets Nigeria Limited(RSNL) has revealed that its Shoprite brand would be exiting the Nigerian market.
OYOGist.com has gathered that the company made the announcement that the move would see it sell it’s Retain Supermarkets Nigeria Limited brand that operates Shoprite in Nigeria.
Shoprite has operated in Nigeria for the past 15 years, and is one of the largest providers of retain shopping and convenience in the country. Shoprite stores are predominantly located within the South West of the country, with several shops housed within large malls in Lagos and Oyo State.
The reason for the company exiting the Nigerian market is not yet clear, but it’s seen as a huge blow to the “business-friendly” campaign the current Buhari-led administration is promoting.
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While Nigeria is Africa’s biggest market, owing to its huge oil economy and large population, it’s currency has continued to weaken in the face of a relentless battering from the COVID-19 pandemic.
This was released in the company’s “Operational and Voluntary Trading Update“.
See a copy of the release obtained by OYOGist.com below:
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