Pick n Pay, a South African grocery retailer, says it will exit Nigeria by selling its 51 percent stake in a joint venture. Sean Summers, chief execu
Pick n Pay, a South African grocery retailer, says it will exit Nigeria by selling its 51 percent stake in a joint venture.
Sean Summers, chief executive officer of Pick n Pay, said the move is part of its plans to restructure outside of its home market.
The retailer has two stores in Nigeria, havingย enteredย the market less than five years ago through a partnership with A.G. Leventis, Nigeria.
The exit of Pick n Pay adds to a growing list of multinationals exiting Nigeria.
On June 24, another South African retailer, Shoprite,ย announced the closure of its Abujaย store, after a thorough evaluation of the storeโs financial situation and the current business climate.
The closure followed the earlier shutdown ofย Shopriteโs store in Kano in January 2024.
In December 2023, Jumia alsoย announced the shutdown of its food delivery business, Jumia Food, in Nigeria.
According to Jumia, the decision was necessary after a thorough review revealed that the current market conditions and economic climate make the food delivery business unsustainable.
Also, several companies, including multinationals like GlaxoSmithKline (GSK) Consumer Nigeria Plc,ย Procter & Gamble, Sanofi, andย Kimberly-Clark, have exited Nigeria, citing the challenging business environment in Nigeria.
