Update: ShopRite Reportedly Not Leaving Nigeria, Denies Exit Rumours

Shoprite Nigeria

Few hours after a report claiming that ShopRite was leaving Nigeria went viral, Africa’s biggest supermarket chain has now debunked the rumours that it intends to exit the country due to revenue challenges.

According to Vanguard, the Country Director for Chastex Consult, Ini Archibong, has stated that “Shoprite is not leaving Nigeria.

“We have only just opened to Nigerian investors which we have also been talking to just before now. We are not leaving, who leaves over a $30billion investment and close shop? It doesn’t sound right.” he said in a telephone conversation with the newspaper.

He further added, “We only gave this opportunity to Nigeria investors to come in and also help drive our expansion plan in Nigeria. So we are not leaving. “I have tried to say this to many people as I can. There should be no panic at all and all of that. There is no truth in that report.”

Recall that reports have been circulating that the retail outlet has started a formal process to consider the potential sale of all or a majority of stake in its supermarkets in Nigeria. The report said the retailer had struggled in the Nigeria market due to supply-chain distributions among other challenges.

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