One of Africa’s largest supermarket chains, Shoprite, has begun a formal process to exit Nigeria.
In a trading update published on Monday, the South African-based company said the decision was made after “approaches from various potential investors, and in line with its re-evaluation of the Group’s operating model in Nigeria.”
The company said when it reports its results for the year, its business in Nigeria “may be classified as a discontinued operation.”
The company’s Nigerian business posted a -6.3% decline in sales for the year ending June 2020, according to its Monday update.
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