After dominating Nigerian retail market for years, Shoprite is finally pulling out.
Shoprite is reportedly gearing up to sell all majority stake of its Nigerian subsidiary, and billionaire businessman Tayo Amusan is first in line to make the sale.
According to reports, the retail giant is withdrawing from Nigeria and other markets due to currency devaluation, lower commodity prices, and high inflation hitting household incomes. As of now, Amusan and his company is currently the leading bidder for Retail Supermarkets Nigeria Limited — the country’s subsidiary of Shoprite International Limited.
Shoprite, with more than 2,300 stores across Africa, is awaiting regulatory approval on the sale of its Nigerian supermarket operation, though no further details about the deal have been disclosed, Reuters report.