We can’t close shop on a $30bn investment, Shoprite debunks reports of leaving Nigeria

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SHOPRITE NIGERIA
SHOPRITE NIGERIA
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South Africa retail supermarket, Shoprite, has debunk reports that it is winding down it’s investments in Nigeria, and leaving the country.

High street retailer, Shoprite, has debunked reports that it is discontinuing its Nigerian operations.

Ini Archibong, the Country Director for Chastex Consult, said in a telephone conversation with a national daily on Monday that “Shoprite is not leaving Nigeria”.

He further said, “We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving. Who leaves over a thirty billion dollars investment and close shop? It doesn’t sound right.

“We only gave this opportunity to investors to come in and help drive our expansion plan in Nigeria. So we are not leaving.

“I have tried to say this to many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

There have been reports across the media of the retailer starting a formal process to consider the possible divestment of all or a majority of its holding in its Nigerian supermarkets.

The reports noted that Shoprite’s results for the year, released on Monday, did not show any of their operations in Nigeria as it would be classified as a discontinued operation.

They stated that international markets, not including Nigeria, provided 11.6 per cent to the group sales and recorded 1.4 per cent drop in sales from 2018.
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