South Africa’s Supermarket retailer firm, Shoprite, has said that it is not leaving Nigeria and that it is expanding its business in the country.
Reacting to widespread reports in local media on Monday that the South African retailer was planning the exit Nigeria, the company explained that the recent expansion move of the company will create room for more Nigerian investors who share in its vision.
According to the company, the move became important so as to “unlock” the potential in the West African nation’s retail business, explaining that the best way to do such is by involving local investors.
“It has, however, become apparent that the best manner in which to do this is by engaging Nigerian investors, who share in the same vision,” Channels Television said, quoting the memo signed by the General Manager of the company, Carl Erickson.
“In so doing, we would be creating a truly Nigerian business run and owned by Nigerians for the Nigerian market,” he said.
According to him, several potential Nigerian investors have been identified and all options are being explored to make the company’s move a reality.
“Our experienced management, together with the new investors, will continue to build the business in Nigeria,” it added.
The company entered the Nigerian market in 2005 and in 2020, it wants to spend about $205 million on securing new locations in the West African nation and went on to spread its tentacles in many Nigerian cities.
GIK/APA