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Africa’s biggest supermarket considers pulling out of Nigeria

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!!

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