Shoprite has dismissed reports of its exit from Nigeria, announcing a restructuring plan to adapt to economic challenges and strengthen local operations.
Retail Supermarkets Nigeria Limited (RSNL), operator of the Shoprite franchise, has refuted claims that it is leaving Nigeria, describing current changes as an “economic reset.” In a statement on Friday, the company said the move is aimed at stabilising operations and adapting to Nigeria’s inflation, exchange rate volatility and liquidity constraints.
“The current development was not an exit move but part of a ‘reset’ of its business model aimed at stabilising operations and adapting to prevailing economic realities,” RSNL stated. Chief Strategy Officer Bunmi Cynthia Adeleye added, “Yes, it has been a tough period, but this is not a collapse; it is a reset. The old model did not work for Nigeria.”
The turnaround plan includes smaller, more efficient store formats, stronger local supply chains sourcing over 80 per cent of products domestically, and private-label affordability options. Shoprite reaffirmed its commitment to Nigerian customers and suppliers, promising improved liquidity management, energy efficiency and cost savings across its stores.