In recent years, Africa’s top supermarket has been reviewing its long-term options in Africa.
recorded an 11 per cent rise in its shares on Monday amid plans to sell a majority stake in its Nigerian subsidiary.
The multi-national retail group, which announced a 6.4 per cent increase in total sales of merchandise for the outgoing year despite the challenges posed by the COVID-19 pandemic, announced that it took the decision to discontinue its Nigeria operation “following approaches from various potential investors, and in line with our re-evaluation of the group’s operating model in Nigeria.
In recent years, Africa’s top supermarket has been reviewing its long-term options in Africa as currency devaluation, supply issues and low consumer spending have affected operations in some countries, including Nigeria.
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