Pick n Pay, a South African grocery retailer, says it will exit Nigeria by selling its 51 percent stake in a joint venture.
According to Reuters, 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, having entered 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, Shoprite, announced the closure of its Abuja store, after a thorough evaluation of the store’s financial situation and the current business climate.
The closure followed the earlier shutdown of Shoprite’s store in Kano in January 2024.
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In December 2023, Jumia also 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, Procter & Gamble, Sanofi, and Kimberly-Clark, have exited Nigeria, citing the challenging business environment in Nigeria.
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