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Africa

Shoprite pulls the plug on Nigeria (pop 206m) – trouble for SA companies abroad?

3 August 2020 6:34 PM
Tags:
Nigeria
Oil
Africa
The Money Show
Shoprite
Bruce Whitfield
Personal finance
Dianna Games
investing
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Shoprite results
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Africa at Work

Shoprite is exiting the oil-rich but spending-money-poor nation. Bruce Whitfield interviews Dianna Games (Africa At Work).

Shoprite is pulling the plug on Nigeria.

Image: 123rf.com

The Cape Town-based retailer – the largest in Africa - made the announcement on Monday.

The company spent 15 tough years in what is the Continent’s largest economy and most populous nation (206 million).

Shoprite reported an 8.7% rise in sales in South Africa for the year ending on 30 June 2020.

Sales outside of South Africa – but excluding Nigeria – fell by 1.4%.

The Money Show’s Bruce Whitfield interviewed Dianna Games, Chief Executive at business consultancy Africa At Work.

Nigeria went into recession in 2015/2016… and hasn’t really recovered… then Covid hit, and oil prices plummeted again… On top of that, huge devaluations…

Dianna Games, Chief Executive - Africa At Work

Shoprite had huge expansion plans. It’s a pity it worked out this way.

Dianna Games, Chief Executive - Africa At Work

The forex issue is a huge issue. Even if you’re making money in Nigeria, you can’t get it out… It’s a difficult market…

Dianna Games, Chief Executive - Africa At Work

The whole Continent – along with the rest of the world, by the way – is in trouble.

Dianna Games, Chief Executive - Africa At Work

Listen to the interview in the audio below.


3 August 2020 6:34 PM
Tags:
Nigeria
Oil
Africa
The Money Show
Shoprite
Bruce Whitfield
Personal finance
Dianna Games
investing
investments
stock picks
Shoprite results
results
company results
Africa at Work

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