Why Shoprite is Leaving Nigeria

Looking at the financial records (see here) of Shoprite, the company is not doing bad in Naira. Reported sales dropped 6.7% for H2 ended June 2020 for the Nigerian operation . If Naira had not lost value, the company would have recorded financial growth. Excluding South Africa (the home country and with the benchmark currency), Shoprite recorded financial growth decline (1.4%), even when discounting Nigeria, due to currency issues in Africa. If your sales dropped 6.7% while the influencing currency dropped close to 25%, the operating numbers are not bad.  If Shoprite had been listed in Lagos, it would have … Continue reading Why Shoprite is Leaving Nigeria