AfricaBusiness & FinanceNigeria

Nigerians expresses concern as ShopRite decides to shut down

By Oluwaseun Sonde

Nigerians have taken to social platform to express their disappointment in Nigerian government over the announcement of ShopRite Holding Limited to auction off its outlets in Nigeria due to Coronavirus pandemic which has disrupted major businesses globally.

ShopRite, a South African megastore which provides jobs for more than 2,000 Nigerians with over 25 stores across eight states of the Federation including the Federal Capital Territory, Abuja.In a statement released by the management of the company on Monday, which says “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”. A Nigerian @queen04453 said “Leviticus, Kingsway and now ShopRite all left during buhari past and present regime. It is called bad governance and no foreign investors will see this things and stupidly come and invest in Nigeria. Bad economic policy. Nigeria is truly crashing slowly”.

Another @fibonacci883 “And the unemployment numbers will skyrocket. Our direct foreign investment has been a steady decline while our debts profile is on a steady increase. The future is not looking bright for Nigeria at this moment”. Also @atubiAKU said “This remind us all that Buhari still has over 2 years to continue with the havoc he is wrecking on this nation. Until we all come to terms with this fact and act decisively to remove him, there might not be any country in 2023”.

While @markouch3 says “Nigeria has gradually become a failed country. Business cannot survive the harsh environment. From multiple taxation to crazy over head cost due to epileptic power supply, infrastructure deficit etc. Hope they get a credible investor to take over their investment”.

The company’s statement further stated that despite difficult circumstances, in a year incorporating the COVID-19 lockdown and accompanying regulations governing trade, transport and operations. “The Group increased total sale of merchandise for the 52 weeks to 28 June 2020 (including the impact of hyperinflation in the prior year) by 6.4% to approximately R156.9 billion as like-for-like growth for the year was 4.4%”.

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