Shoprite pulls the plug on Nigeria (pop 206m) – trouble for SA companies abroad?
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%.
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.
There’ll be many opportunities for frontier investors in the coming years, says Absa's Somaya Joshua.Read More
Contributions are likely to rise by twice the rate of inflation, warns Clayton Samsodien (Phoenix Financial Services Group).Read More
The rand was just recently trading at a six-month high. Arabile Gumede interviews Bianca Botes (Peregrine Treasury Solutions).Read More
"It's brilliant! The jokes are actually funny," says Cameron in his review of "Manage Your Money Like a Grownup".Read More
It's haunting; 24 million records have been breached. Refilwe Moloto interviews Manie van Schalkwyk (SA Fraud Prevention Service).Read More
The Money Show’s Bruce Whitfield interviews Kevin Lings, Chief Economist at Stanlib Asset Management.Read More
These are the warning signs to look out for, so you can keep your car in tiptop shape for longer.Read More
The Money Show’s Bruce Whitfield interviews Roy Douglas, CEO at ADvTECH.Read More
The Money Show’s Bruce Whitfield interviews Anthony Leeming, CEO at Sun International Group.Read More
"Waspa" is putting a stop to unsolicited SMS junk. "The move is nicely timed," says Nazareen Ebrahim (CEO of Socially Acceptable).Read More