Retailer Shoprite Says Divestment Won't Mean Leaving Nigeria
Africa's largest retailer, South African-owned Shoprite, has been rumoured to be closing its doors after operating in Nigeria for 15 years. This move has however been denied by Shoprite in Nigeria. Instead, the parent company is looking to attract local investors as it plans to divest its stake in the Nigeria arm of the business, according to This Day. Earlier this year another South African retailer Mr Price, closed four of its five stores, citing challenges with accessing materials locally, as well as delays in getting imports into the country.
-
Nigeria:
In Divestment Move, Shoprite Shops for Nigerian Investors
This Day, 4 August 2020
Shoprite Holdings has begun shopping for Nigerian investors to take over operations of its outlets in the country as the South African parent company yesterday unfolded plans to… Read more »
-
Nigeria:
Job Losses Loom As Shoprite Moves to Leave Nigeria
Daily Trust, 4 August 2020
The announcement by Shoprite, a South African retail giant with branches in Nigeria, to gradually end its operations in the country has sent ripples among employees, customers and… Read more »
-
Nigeria:
Shoprite, Wealth Distribution and an Adverse Macroeconomic Environment, By Bámidélé Adémólá-Olátéjú
Premium Times, 4 August 2020
There are no real increases in wages as nominal wages cannot keep up with inflation. How can the economy grow with high lending rates, high inflation, with consumers having no… Read more »
-
Nigeria:
Shoprite Debunks Exit Rumour, Says We Are Not Leaving Nigeria
Vanguard, 3 August 2020
Shoprite Nigeria has debunked the story making the rounds that it intends to close shop in Nigeria. Read more »
-
Nigeria:
Shoprite's Shares Appreciate Amid Plans to Sell Nigerian Subsidiary
Premium Times, 3 August 2020
South Africa's Shoprite Holdings recorded an 11 per cent rise in its shares on Monday amid plans to sell a majority stake in its Nigerian subsidiary. Read more »
-
-
Nigeria:
Shoprite to Pull Out of Nigeria
Premium Times, 3 August 2020
South Africa retail giant, Shoprite, has announced the commencement of a formal process to discontinue its operation in Nigeria. Read more »
InFocus
-
Nigeria has moved up by 15 places to 131 on the World Bank's Ease of Doing Business ranking. The country was ranked 146th in 2018. President Muhammadu Buhari has received news of ... Read more »
-
The rising xenophobic attacks on foreign nationals, particularly Africans in South Africa, has seen Nigerians back home attack South African-owned businesses operating in Nigeria, ... Read more »
-
The Chairman of the All Progressives Congress, Adams Oshiomhole, has appealed to the national government to nationalise various South African businesses operating in Nigeria, in ... Read more »
(file photo).
