Shoprite finally takes decision on leaving Nigeria

Shoprite, run in Nigeria by Retail Supermarkets Nigeria Limited (RSNL), has said it is not leaving the country, despite reports of empty shelves and store closures.

In a statement, the company explained that it is making major changes to its business model to deal with Nigeria’s tough economy.

It said the old style of running large stores and depending on imports no longer works because of inflation, unstable exchange rates, and high costs.

Now, about 80% of the products sold in Shoprite are sourced from within Nigeria. This, the company said, will help it stay stable and grow in the future.
RSNL’s Chief Strategy Officer, Bunmi Adeleye, said the company is rebuilding:

“This is not a collapse; it is a reset. We are working to make Shoprite more affordable, more Nigerian, and stronger than before. With support from new investors, we will come back better for our customers,” she explained.

This response came after reports that shelves were empty in some stores, and that branches in Ilorin and Ibadan were closed. At the Ikeja City Mall in Lagos, customers also found many groceries and wines missing.

Shoprite has faced difficulties since its South African owners sold the business to Nigerian investors in 2021. Rising costs, pressure from foreign exchange issues, and competition from local and online supermarkets have made things hard.

The company said things will improve by the end of September, after it finishes its yearly financial audit. “By God’s grace, we will restock by the end of September,” one manager said.

Since opening in Nigeria in 2005, Shoprite has employed over 2,000 people directly and supported many more, especially local farmers.

The company said it plans to keep playing this role while adjusting to Nigeria’s current economic situation.

For many loyal customers, Shoprite’s assurance brings relief, as