Africa’s biggest grocery retailer, Shoprite, is exiting Nigeria after 15 years.
The South African-based retailer in a trading statement said it has started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria.
It said the move follows approaches from some potential investors.
“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 statement said.
“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation when Shoprite reports its results for the year”.