This is awful news – Shoprite announces its leaving Nigeria
Shoprite Experiences Biggest Fall In 20 Years, See Why
Retail giants and one of Africa’s biggest grocery store Shoprite on Monday announced that is it working out formal plans to leave Nigeria or sell a majority share of its operations in the country.
The organization said this in its operational and voluntary trading update for the year ended on June 28, 2020, made available to newsmen.
The company announced that its decision follows “approaches from various potential investors, and in line with our re-evaluation of the group’s operating model in Nigeria.”
After the announcement, many Nigerians have taken to the micro-blogging site, Twitter to express their views and opinions on the development.
Some claim it is a bad sign for the country and further evidence that the economic situation in the country is very harsh.
Many others are worried about the fate of thousands of workers and their families that will be affected by this move.