Matilda Omonaiye/
South African-based grocery retailer, Shoprite, has announced plans to exit the Nigerian market after 15 years.
The company says in a statement today it has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria.
Another South African retailer, Mr Price, recently exited the Nigerian market after Woolworths did the same six years ago.
The company stated that the results for the year do not reflect any of their operations in Nigeria as it will be classified as a discontinued operation.
International supermarkets (excluding Nigeria) contributed 11.6% to group sales and reported a 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and saw an 8.7% rise for the year.
As a result of lockdown, customer visits declined 7.4% but the average basket spends increased by 18.4%.
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