South African retail outlet, Shoprite has said it’s not leaving Nigeria, contrary to reports making the rounds about its exit.
The company in an interview with Vanguard explained that it is only opening up its business to Nigerian investors, as it agreed in the past.
The company had excluded its Nigerian market in its financial report, as it is classified a discontinued operation.
Country Director of Shoprite in Nigeria, Ini Archibong told the Vanguard that the company is not leaving, as reported widely.
“Shoprite is not leaving Nigeria.
“We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion investment and close shop? It doesn’t sound right.
“We only gave this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving.”
“I have tried to say this to many people as I can. There should be no panic at all and all of that. There is no truth in that report.”
The report also said international markets excluding Nigeria contributed 11.6 per cent to the group sales and reported 1.4 per cent decline in sales from 2018.
South African operations contributed 78 per cent of the overall sales and saw 8.7 per cent rise for the years.
While the company had reduced sales as result of the pandemic, it had an increment in its average basket sales in the same period.