In a significant move following the footsteps of Procter & Gamble and other multinational companies, Shoprite has announced its decision to cease operations at its Kano State branch starting January 14, 2024. The company, in a circular released on Thursday, attributed this decision to financial difficulties and the escalating production costs faced by businesses in Nigeria.
This development comes shortly after Jumia Food’s recent announcement of discontinuing operations in Nigeria by the end of the month, citing the growing economic challenges in the country.
The circular issued by Shoprite expressed regret for the decision and acknowledged the potential impact on employees and the community. The closure of the Ado Bayero Mall store will result in the laying off of all employees. Shoprite emphasized that this decision, though regrettable, is deemed necessary for the long-term growth of the organization.
The circular stated, “After careful evaluation of the store’s financial situation and the current business climate, we believe that it is the best course of action for the long-term growth of our organization.”
Shoprite assured employees of support during the transitional period and encouraged them to apply for any vacant positions in the company’s existing stores across the country through the Human Resources department.
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This announcement follows closely on the heels of Procter & Gamble’s decision to exit Nigeria just a week ago. Additionally, GlaxoSmithKline Consumer Nigeria Plc had earlier declared its exit from the Nigerian market.
The Manufacturers Association of Nigeria (MAN) reacted to these developments, hinting that more firms might shut down operations due to the harsh economic realities in the country.
As global companies reconsider their presence in Nigeria, concerns about the economic challenges faced by businesses in the region are growing. The cumulative impact of these exits raises questions about the broader economic landscape and the measures needed to address the challenges faced by both local and international businesses operating in Nigeria.
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