Nigerians React As ShopRite Sets To Exit Nigeria After 15 Years
South Africa’s grocery store, ShopRite, is set to leave Nigeria, Africa’s biggest market, after operating in the country for a period of 15 years.
In a statement on Monday, the company said it has been approached by potential investors willing to take over its Nigerian operations. So, it is considering an outright sale of its operation in its Nigerian subsidiary.
This news has not been well-received by some Nigerians, while some argue that it is good for small business growth at large. Below are some reactions:
The Board of Africa’s biggest retailer, Shoprite, has announced plans to discontinue operations in Nigeria after 15 years in. While this may open up opportunities for local investors in that sector, it is a bad pointer to what Nigeria has become as an investment destination. pic.twitter.com/GYTTIrHrmM
— Ayò Bánkólé (@AyoBankole) August 3, 2020
The exit of Shoprite from Nigeria should tell you what you need to know about the “size of the Nigerian consumer market” and the economic incompetence of the present administration.
Anyway, Leventis & Kingsway Stores suffered the same fate under a previous Buhari Administration.
— Onye Nkuzi (@cchukudebelu) August 3, 2020
Mr Price has closed shop and left Nigeria. Apparently Shoprite too is closing its operations and leaving Nigeria after selling its stakes.
Very soon multichoice and MTN might also leave. Buhari is really doing a great job and Nigerians are lucky to have him as President.
— Kelvin Odanz (@MrOdanz) August 3, 2020
Mr Price left Nigeria.
Shoprite is about to leave Nigeria.
Innoson shutdown operations in Nigeria and moved to SA.Nothing thrives in this country, not dreams, not businesses, just corruption and vibes.
— Omoniyi Israel (@__Omoissy) August 3, 2020
So shoprite is leaving Nigeria,thousands of people will be without jobs now,other thousands depending on those people’s incomes,my new neighbor works with shoprite in Ibadan&he has 3kids,his wife is a private school teacher and haven’t worked in a while,so many people like that🤦♂️
— Oyindamola🧔 (@dammiedammie35) August 3, 2020
Cost of doing business is so high in Nigeria. You provide your own power, your own water etc…
Costs just keeps getting higher and higher.
The unfortunate thing about this Shoprite debacle is the huge loss to staff, contractors and supplier.
An unfortunate domino effect.
— the Morris Monye factor (@Morris_Monye) August 3, 2020
If Shoprite wants to stay,they can stay;if they want to go,they can go;it will help local supermarkets to grow.
— Senator Shehu Sani (@ShehuSani) August 3, 2020
Here is Nigeria in the past 2 Months:
– ShopRite leaving Nigeria.
– Nipost wants to handle deliveries.
– Government demanding N25,000 per head for secondary schools before opening.Do you still pledge to Nigeria?
— Somto. 🅰️🈵 (@SomtoSocial) August 3, 2020
Buhari the grim reaper.
When he started fighting corruption in 1983, Kingsway and Leventis packed up and left.
When he started fighting corruption in 2015, Mr Price, Woolworths, and now Shoprite. Soon enough, Multichoice.
The Middle Class #Nigeria is fantastically corrupt.
— Chxta (@Chxta) August 3, 2020
ShopRite leaving is proof you need that Buhari is an economic failure
Nigerians are poorer, FDI is leaving and foreign companies are closing
You don’t fight poverty by closing your borders for trade
You will just create a man made inflation & worsen poverty
— William (@_SirWilliam_) August 3, 2020
Shoprite is leaving Nigeria because Nigerians now have less disposable income to spend at their outlets than before. Poverty is creeping on us all while our Supreme Leader idles and his minions demand we “live within our means”
— EDWARD Israel-Ayide (@wildeyeq) August 3, 2020
Shoprite’s mall-only strategy in Nigeria is faulted, and with growing competition from SuperSaver, Ebeano, D’prince, Hubmart and the rest, their market share will definitely decrease. When last did you buy anything from Shoprite?
— Wale Adetona (@iSlimfit) August 3, 2020
Shoprite is pulling out of Nigeria & is launching a formal process to sell their stake
SA listed companies have found it challenging to do business in Nigeria. MTN, Tiger Brands & now Shoprite
Sharp reminder the sheer arrogance of thinking Africa is “all the same” will burn you
— Koshiek Karan (@iamkoshiek) August 3, 2020