Social media users have reacted to the plan by South African retailer, Shoprite, to exit its Nigerian market.
The company announced that it had started a formal process to consider the potential sale of all or a majority stake in its supermarkets in Nigeria, it said in a trading statement for the 52 weeks to end June, which was released on Monday, August 3.
Shoprite will become the third South African retailer to leave the Nigerian market after Mr Price and Woolworths.
Reacting to the news, a Twitter user, @chukudebelu wrote: “The exit of Shoprite from Nigeria should tell you what you need to know about the “size of the Nigerian consumer market” and the economic incompetence of the present administration. Anyway, Leventis & Kingsway Stores suffered the same fate under a previous Buhari Administration.”
@chxta wrote: “Buhari the grim reaper. When he started fighting corruption in 1983, Kingsway and Leventis packed up and left. When he started fighting corruption in 2015, Mr Price, Woolworths, and now Shoprite. Soon enough, Multichoice. The Middle Class #Nigeria is fantastically corrupt.”
@sirwilliam tweeted: “ShopRite leaving is proof you need that Buhari is an economic failure. Nigerians are poorer, FDI is leaving and foreign companies are closing. You don’t fight poverty by closing your borders for trade. You will just create a man made inflation & worsen poverty”
@kevin_odanz wrote: “Mr Price has closed shop and left Nigeria. Apparently Shoprite too is closing its operations and leaving Nigeria after selling its stakes. Very soon multichoice and MTN might also leave. Buhari is really doing a great job and Nigerians are lucky to have him as President.”
@samuelotigba wrote: “Asides the political bottlenecks & chaotic business strains associated with doing business in Nigeria, one other silent contributing factor why Shoprite is closing down, is staff theft. In 2017 alone, a sales girl stole N553M, one month after securing the job. There are many.”