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!!