Africa’s biggest grocery retailer, Shoprite, is exiting the continent’s most populated country, Nigeria, after 15 years.
This was disclosed in the company’s operational and voluntary trading update that was published this morning.
The company said it has been approached by potential investors willing to take over its Nigerian operations. It said it considering an outright sale of its operation or selling a majority stake in its Nigerian subsidiary.
In April the supermarket announced it lost 8.1% of its sales in constant currency terms at the end of the second half (H2) of 2019 due to the September xenophobic attacks.
Recall that, in September, Shoprite stores in Nigeria were vandalised following an alleged xenophobic attack in South Africa, targeting Nigerians.
Owing to fears of further attacks several Shoprite stores across Lagos were sealed and guarded by police.
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