Shoprite has been in Nigeria for 15 Years.
(c) Shoprite
The South African retail grocery store, Shoprite, has decided to leave Nigeria after running operations in the country since 2005.
Monday morning at the Johannesburg Stock Exchange, Shoprite filed an update saying it plans to terminate business in Nigeria.
“Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited.", the update said.
In April, Shoprite announced the loss of 8.1 percent of its sales in constant currency terms due to the September attack on its stores after a xenophobic attack occured in South Africa, targeting Nigerians.
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