The European Business Council for Africa

South African retail giant Shoprite this week said it is considering selling its operations in Nigeria, Africa’s biggest economy and most populous country.

The potential sale comes amid tough economic conditions due to the coronavirus pandemic, which has seen the company’s sales across the continent drop by 1.4%, excluding its home market of South Africa.

Leaving would mark the end of 15 years of trying to cash in on the promise of consumer-led growth, driven by a rising middle class. This narrative has been a major selling point for the African growth story in recent years, helping to fuel an investment boom into consumer retail, including Wal-Mart’s $2.4bn investment into South Africa’s Massmart in 2011.

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Source: Nurmara