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Home Business & Finance

South African Retailer Pick n Pay to Exit Nigerian Market

Nnaemeka OkwarabyNnaemeka Okwara
October 28, 2024
in Business & Finance
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South African Retailer Pick n Pay to Exit Nigerian Market
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South African supermarket chain Pick n Pay is leaving Nigeria by selling its 51% share in a partnership with A.G. Leventis. This is part of a larger plan to reorganise their business. CEO Sean Summers made the announcement on Monday, mentioning difficulties in the Nigerian market.

Pick n Pay started in Nigeria less than five years ago, running two stores in tough business conditions. This decision comes after another South African retailer Shoprite closed its stores in Abuja in June 2024 and Kano in January 2024.

Nigeria’s consumer goods industry has many problems, like high inflation, limited access to foreign currency, increasing energy costs, and less money for people to spend. Recently, companies like Diageo, GSK, Procter & Gamble, Sanofi, Kimberly-Clark, and Jumia’s shutdown of Jumia Food have also left the market.

Nigeria’s inflation rate jumped from 24% to 34.19% in 18 months, mainly due to higher food and transportation costs. The Naira, Nigeria’s currency, lost over 100% of its value in the past year, going from N462/$ to N1,500/USD.

Tags: Businessfederal characterNewsNigeriaPick n PayRetailersouth africaSouth African Retailer Pick n Pay to Exit Nigerian Market
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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