Shoprite bids farewell to Nigeria after fifteen years. Nigerians react! 👇(See tweets)
Popular retail store, Shoprite has announced plans to exit the country after fifteen years of operating in the West African country.
The South African company said it will auction off its outlets in Nigeria due to approaches of various potential investors as a re-evaluation of the company’s operational model.
This development was contained in the company’s “Operational and Voluntary Trading Update (52 Weeks Ended 28 June 2020)” publication released on Monday 3rd of August.
It reads partly;
“Following approaches from various potential investors, and in line with our re-evaluation of the Group’s operating model in Nigeria, the Board has decided to initiate a formal process to consider the potential sale of all, or a majority stake, in Retail Supermarkets Nigeria Limited, a subsidiary of Shoprite International Limited.
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
“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year. Any further updates will be provided to the market at the appropriate time.”
Shoprite follows the footsteps of major retail stores like Mr Price, Leventis among other stores that have left the country over the years.
Here is how Nigerians on social media are reacting to this development by Shoprite👇
Shoprite is officially leaving Nigeria?
Ladies and gentlemen, it's high time we focused on the mini shoprite we all have on our watsapp status. Some of them might start selling Cold stone sef 😂💀
— Unwanted Friend😒🌚 (@holardamolar) August 3, 2020
ShopRite leaving is proof you need that Buhari is an economic failure
Nigerians are poorer, FDI is leaving and foreign companies are closing
You don't fight poverty by closing your borders for trade
You will just create a man made inflation & worsen poverty
— William (@_SirWilliam_) August 3, 2020
Shoprite's mall-only strategy in Nigeria is faulted, and with growing competition from SuperSaver, Ebeano, D'prince, Hubmart and the rest, their market share will definitely decrease. When last did you buy anything from Shoprite?
— Wale Adetona (@iSlimfit) August 3, 2020
Now that Shoprite is leaving Nigeria, where will people be snapping?
— Chemical Boy (@Chemicalboyy) August 3, 2020
Shoprite couldn't compete with the new entrepreneurs we supported with Trader Moni.
— Ayobami (@dondekojo) August 3, 2020
Shoprite declares losses.
Osi Suave: No one can tell me Shoprite isn't profitable.
— Ayobami (@dondekojo) August 3, 2020
Buhari the grim reaper.
When he started fighting corruption in 1983, Kingsway and Leventis packed up and left.
When he started fighting corruption in 2015, Mr Price, Woolworths, and now Shoprite. Soon enough, Multichoice.
The Middle Class #Nigeria is fantastically corrupt.
— Chxta (@Chxta) August 3, 2020
Cost of doing business is so high in Nigeria. You provide your own power, your own water etc…
Costs just keeps getting higher and higher.
The unfortunate thing about this Shoprite debacle is the huge loss to staff, contractors and supplier.
An unfortunate domino effect.
— the Morris Monye factor (@Morris_Monye) August 3, 2020
So ShopRite is leaving Nigeria, Nipost wants to handle deliveries, and in some parts the government is demanding #25,000 per head of each student for testing before school resumption
Lol, this country is a whole ass circus.
— hephzibah ✨ (@sisi_alagboeko) August 3, 2020
when etisalat left and 9mobile took over.
Shoprite can leave, ebeano will take over.
It doesn't really affect anything, the staffs can be retained.
— Mr Alan (@Alan_yournextbf) August 3, 2020
My only problem with shoprite leaving nigeria is where will our Kaduna people that normally come to kano to snap pictures go again, it's sad you know. But I don't mind them leaving sha bc it'll help small market grow, I'm just worried about our Kaduna💔🤦♂️😂
— BOSSMAN (@Capt_Aliyu) August 3, 2020
After 15 years Shoprite is leaving Nigeria following the footsteps of Mr Price.
Over 3000 direct jobs and over 17000 indirect jobs will be lost.
Nigeria is a destiny killer.
— Hydra (@BrianJDennis) August 3, 2020