South African grocery retailer Pick n Pay is set to exit the Nigerian market by selling its 51% stake in a joint venture, as part of a broader restructuring strategy outside its home market, CEO Sean Summers announced on Monday as reported by Reuters.
Pick n Pay, which entered Nigeria less than five years ago through a partnership with A.G. Leventis, currently operates two stores in the country.
The grocery retailer braved the odds to enter the Nigerian market four years ago when other giants in the retail industry had planned to exit the country.
The exit comes amidst plans by the federal government to attract much-needed foreign investment in the country.
Consumer goods companies have been blighted by inflation which has eroded the purchasing power of Nigerians coupled with significant depreciation of the Naira.
