South African grocery retailer Pick n Pay will exit Nigeria by selling its 51% share of a joint venture as part of plans to restructure outside of its home market, CEO Sean Summers said on Monday.
The retailer has two stores in Nigeria, having entered the market there less than five years ago through a partnership with A.G. Leventis (Nigeria), according to a Reuter’s report.
The exit of the store adds to the growing number of international companies leaving the shores of the country due to growing threats to their businesses.
Multiple multinationals have left Nigeria by either scaling down operations, transferring ownership or selling their stakes, one of the most recent being the sale of beverage company Diageo’s 58.02 per cent shareholding in Guinness Nigeria to Tolaram Group on June 11, 2024.
