Nigeria is one of the toughest country to start and run a business in. The system just works against business owners in all aspect and most businesses are destined to fail under the Nigerian economic systems.
Also, lack of business friendly environment is another reason. Lack of infrastructure, theft, loss of money via bad roads, stealing and mismanagement are major reason why owning a business is risky in Nigeria.
ShopRite is in the grocery business, this means they sell what’s in high demand, however they are still loosing money. A lot of money.
International supermarkets (excluding Nigeria) contributed 11.6% to group sales and reported 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and saw 8.7% rise for the year.
The company said it has been approached by potential investors willing to take over its Nigerian operations. It said it considering an outright sale of its operation or selling a majority stake in its Nigerian subsidiary.
“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation,” ShopRite said in a statement on Monday.
Also, lack of business friendly environment is another reason. Lack of infrastructure, theft, loss of money via bad roads, stealing and mismanagement are major reason why owning a business is risky in Nigeria.
ShopRite is in the grocery business, this means they sell what’s in high demand, however they are still loosing money. A lot of money.
International supermarkets (excluding Nigeria) contributed 11.6% to group sales and reported 1.4% decline in sales from 2018. South African operations contributed 78% of overall sales and saw 8.7% rise for the year.
The company said it has been approached by potential investors willing to take over its Nigerian operations. It said it considering an outright sale of its operation or selling a majority stake in its Nigerian subsidiary.
“As such, Retail Supermarkets Nigeria Limited may be classified as a discontinued operation,” ShopRite said in a statement on Monday.
