Popular Retail Company, Shoprite have been reported to be on the verge of leaving Nigeria after 15 years and this has sparked a lot of reactions from Nigerians.
Shoprite have become a major brand in Nigeria with it’s outlets located in various
cities across the country but if reports are to be true things are about to change.
According to reports, Board Shoprite which is Africa’s biggest retailer, Shoprite, have
already concluded it’s plans to discontinue operations in Nigeria after 15 years in the country.
While this may open up opportunities for local investors in that sector, it is a bad
pointer to what Nigeria has become as an investment destination.
This has however sparked a lot of reactions from Nigerians on social media
as some lament the situation the country has found itself.
See some reactions below:
SHOPRITE HAS STARTED MAKING PLANS TO LEAVE NIGERIA, FINALLY.
Nigeria was ranked 131 on 2019 World Bank's ease of doing business index.
Our president hopes that we would have moved to 44th position by 2023.
Loans are still hard to get. Tops gun are leaving the market. lol
— Your Daddy (@ToyosiGodwin) August 3, 2020
The Board of Africa's biggest retailer, Shoprite, has announced plans to discontinue operations in Nigeria after 15 years in. While this may open up opportunities for local investors in that sector, it is a bad pointer to what Nigeria has become as an investment destination. pic.twitter.com/GYTTIrHrmM
— Ayò Bánkólé (@AyoBankole) August 3, 2020
Shoprite is pulling out of Nigeria & is launching a formal process to sell their stake
SA listed companies have found it challenging to do business in Nigeria. MTN, Tiger Brands & now Shoprite
Sharp reminder the sheer arrogance of thinking Africa is "all the same" will burn you
— Koshiek Karan (@iamkoshiek) August 3, 2020
Before and After shoprite leaves Nigeria. pic.twitter.com/q93coqfWF8
— Duke of Ibadan? in Canada ?? ?? (@Mc_Phils) August 3, 2020
So Shoprite is discontinuing operations in Nigeria and selling a majority stake to other investors.
As you can see, they had a bad year 12 months to June 2020. Even SA that has been struggling to grow has a better consumer market. Rest of Africa wasn't as bad as Naija too. pic.twitter.com/CiTX8oSfo8
— banker emeritus (@Adheydayor) August 3, 2020
In South Africa and Nigeria, Shoprite caters to a lower middle class population. This means Nigeria's lower middle class population has reduced so much that even they can no longer cover Shoprite's cost of doing business. Sigh. https://t.co/0O6GqVGfcm
— Ayo Sogunro – #Transformist (@ayosogunro) August 3, 2020
Nigeria is so bad that Even shoprite is leaving.
It’s the people who will lose their jobs I feel for.
Well if they do end up selling their stake and the new investors retain the employees should be okay.
— Pastor Ola ✨ (@Biisi96) August 3, 2020