Business

Shoprite Announces Plan To Pull Out Of Nigeria

Africa’s biggest grocery retailer, Shoprite, is exiting Nigeria, after 15 years.

The Cape Town-based retailer has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria, it said in a trading statement for the 52 weeks to end June released on Monday.

The retailer has been battling currency-induced inflation surges in several other African countries.

As a result of the COVID-19 lockdown, customer visits declined 7.4% but the average basket spend increased by 18.4%.

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