One of Africa’s biggest grocery retailer, Shoprite, has indicated plan to exit the Nigerian market 15 years after it entered the country.

The company disclosed this in a statement titled: “Operational and Voluntary Trading Update (52 Weeks Ended June 28, 2020), seen by THISDAY on Monday.

The company said 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 company disclosed that its international supermarkets (excluding Nigeria) contributed 11.6 per cent to the group’s sales and reported 1.4 per cent decline in sales from 2018. South African operations contributed 78 per cent of overall sales and saw 8.7 per cent rise for the year.

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