Operators of Shoprite in Nigeria, Retail Supermarkets Nigeria Limited (RSNL), have clarified rumours that they are exiting the country. The company reaffirmed its commitment to staying and operating in Nigeria.
In a statement released on Friday, Shoprite said it is implementing a comprehensive “business model reset” to align with Nigeria’s current economic realities.
“The former business model, inherited after the company’s acquisition, heavily relied on large store formats, imports, and high overheads. This model is no longer viable in the face of Nigeria’s current economic climate, which includes exchange rate volatility, rising inflation, and constrained liquidity,” the statement read.
It further explained that the reset strategy is built on reinforcing local supply chains and reducing dependence on imports, pointing out that 80 per cent of its products are now sourced within Nigeria.
“This reset is built on several key pillars: local supply chains, with over 80% of products now sourced in Nigeria,” it stated.
The company believes that these changes will stabilise operations and position the brand for long-term growth in Nigeria.
Chief Strategy Officer of RSNL, Bunmi Adeleye, emphasised that the company is in a rebuilding phase with support from new investors.
“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. With new investors behind us, we are rebuilding Shoprite to be more local, culturally relevant, more affordable, and more resilient.
“We are coming back bigger and stronger to serve Nigerian customers better than ever before,” she said.
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