Pick n Pay to Exit Nigeria by Selling 51% Stake in Joint Venture
South African grocery retailer Pick n Pay has announced its decision to exit Nigeria by selling its 51% stake in a joint venture, as part of a restructuring strategy outside its home market.
CEO Sean Summers revealed this development on Monday, stating that it aligns with the company’s efforts to streamline operations.
Pick n Pay entered the Nigerian market less than five years ago in partnership with A.G. Leventis (Nigeria). This exit adds to a growing trend of multinationals withdrawing from Nigeria.
In June, another South African retailer, Shoprite, closed its Abuja store after reviewing its financial situation and the overall business environment, following the earlier shutdown of its Kano location in January 2024.
In December 2023, Jumia also ceased operations of its food delivery service, Jumia Food, in Nigeria, citing unsustainable market conditions. Other multinational companies, including GlaxoSmithKline (GSK) Consumer Nigeria Plc, Procter & Gamble, Sanofi, and Kimberly-Clark, have similarly exited Nigeria due to the challenging business landscape.
Peoplesmind
