Nigeria
16 years after it opened its first outlet in Nigeria, Shoprite -- Africa’s largest food retailer, has sold its Nigerian operations to a company owned by a group of local investors led by property firm Persianas Investment, Ketron.
The buyer intends to shift the giant from an ownership model to a franchise one.
With the acquisition of the 25 outlets in eight states -- approved by Nigeria’s federal competition and consumer protection commission, Shoprite is the latest South African business to pull out from the West African nation due to supply-chain disruptions and repatriation of funds.
Ketron says it has plans to keep open new Shoprite outlets and display more Nigerian-made products.
South Africa's Shoprite has 2.843 supermarkets operating in 15 countries.
This amounts to around 35 million customers on the African continent and in the Indian Ocean islands.
Other foreign companies have encountered similar operational challenges when doing business in Nigeria's market resulting in their departure from the country's market -- such as Mr Price Group, Woolworths and Truworths International.
11:15
Africa CEO Forum: What If Africa Set the Rules? [Business Africa]
Go to video
Donald Trump wraps up Gulf tour with a string of lucrative deals in UAE
Go to video
South Africa urges white farmers to stay amid U.S. refugee controversy
Go to video
Trump arrives in UAE on last leg of Middle East tour
Go to video
Endurance athlete marks 'Jaws' anniversary with swim to change shark narrative
Go to video
Episcopal church won't assist resettling South Africans 'refugees' in US