Shoprite is exiting Nigeria after 15 years of being a part of Africa’s most populated country.
The South African based retailer has reportedly begun the formal process of considering the potential sale of all or majority stake in its supermarkets in Nigeria.
The development was made known in a trading statement released on Monday, August 3, 2020.
South African retailers have struggled in the Nigerian market for years and recently Mr Price has exited the market after Woolworths did the same six years ago.
In the statement released, Shoprite revealed that the results for the year do not reflect any of their operations in Nigeria as it will be classified as a discontinued operation.
Due to the COVID-19 lockdown, customer visits to the retailer dropped by 7.4% as the average basket spend increased by 18.4%.
Twitter users have reacted to the news, with majority of them lamenting the implications of such a move. See their reactions below.
Shoprite plans to discontinue operations in Nigeria.
Well this sounds good for locals but a negative scorecard that will discourage foreign investments in this country. pic.twitter.com/anTePjN5aa
— Tech Bro Code (@ayemojubar) August 3, 2020
https://twitter.com/MaziJohnBosko/status/1290198532184408065
Shoprite leaving Nigeria? Unto the NEXT one. pic.twitter.com/Om5ezs2H4x
— 28. (@Del__Theo) August 3, 2020
ShopRite leaving Nigeria is a huge red flag. It's not an "opportunity" for wealthier Nigerians to buy the franchise. Who will they sell to? The same customers with low purchasing power in an anti-capitalist economy that is making ShopRite leave in the first place?
— giosué (@joshnekoff) August 3, 2020
Buhari's media handlers will soon come out and tell us how shoprite was corrupt and people in the past administration were using it to launder money hence the closure.
— K (@Kumatorr) August 3, 2020
https://twitter.com/danielbalogun3/status/1290199127280713728
Imagine the thousands of Nigerians that'll be rendered jobless when shoprite eventually leaves☹️
— Vannnniiiieeee_😋 (@Evans_Bjnr) August 3, 2020
https://twitter.com/Nonso_opinion/status/1290198197894356992
There’s Ebeano, hubmart, and so many other supermarkets have cropped up.
Adieu Shoprite.— Arsenal’s bunny. (@Bubble_minakie) August 3, 2020
This Nigeria ehn…they will sha kill your dreams somehow. They will strangle, suffocate any good thing. They killed Opay…now shoprite.
Lots of people are going to lose jobs now#ShopRite
— Collins Pius (@OmogbethaiPius) August 3, 2020
https://twitter.com/kinqqkudos/status/1290198176918433792
Shoprite leaving Nigeria? Not surprised at this point. This Government is set out to kill everything positive left in the country.
— Fego (@JayRomee_) August 3, 2020
https://twitter.com/ij_kush/status/1290199636939079680
Na small small, the country dey spoil dey go.
Get out while u can.
Shoprite dem smart.— Hordarphey (@hordarphey) August 3, 2020
Shoprite about to leave!
I’m short of words , we should all put on sackclothes and ashes , this administration has ruined us
And be ready for a spin before the end of the day from clowns
— Agent Jake (@Hitee_) August 3, 2020
