Shoprite Holdings, Africa’s largest food retailer, has sold its Nigerian operation to Ketron, a Nigerian company owned by a group of local investors, 16 years after it opened its first outlet in the country. The acquisition has been approved by Nigeria’s federal competition and consumer protection commission.
Shoprite is the latest South African business to exit the country in the last decade. The retailer operated 25 outlets in eight states but has been struggling with disruptions in imports and foreign exchange laws. Ketron said it plans to open new stores and sell more Nigeria-made products.