Shoprite recognized as the biggest grocery retailer in Africa has began the formal process of leaving Nigeria.
In a statement, it was revealed that South African retailers appear to have been struggling in the Nigerian Market stressing that, the results for the year is far from it's operations in Nigeria and will therefore be recorded as discontinued operation.
From 2018, the contributions made by the International markets records 11.6% to group sales and a decline in sales was reported to be 1.4%.
South African Operations on the other hand contributed 78% overall sales and got 8.7% rise for year.
This is excluding Nigeria.
Records in the COVID-19 pandemic, further shows that, there was a decline by 7.4%.
Surprisingly the basket spending increased by 18.4%.
Despite Nigeria being a largely populated country in Africa, it is envisaged that all or majority of shoprite's stake in Nigerian Supermarkets will be sold off with this recent move.
-MediaOrchidng.
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