Other News
Retail Exodus: Pick n Pay To Exit Nigeria Amidst Soaring Inflation
In a significant strategic shift, South African grocery retailer Pick n Pay has announced its exit from the Nigerian market by selling its 51% stake in a joint venture.
This decision, revealed by CEO Sean Summers on Monday, marks a pivotal moment for the retailer as it realigns its operations outside its home market.
READ MORE: ‘I Can Make You Disappear And Nothing Will Happen’ – Abia Lawmaker Allegedly Threatens Delivery Driver
Pick n Pay entered Nigeria less than five years ago through a partnership with A.G. Leventis, establishing two stores in the country.
The company’s move into Nigeria was ambitious, especially as other major retailers withdrew from the market amid mounting economic challenges.
The exit comes at a time when Nigeria is grappling with soaring inflation and a significant decline in consumer purchasing power.
The naira has depreciated over 100% in the past year, plummeting from approximately N462 to over N1,500 per USD.
These economic factors have created an increasingly hostile environment for retailers.
This trend is echoed by Shoprite, another prominent South African retailer, which recently closed its Abuja store, citing a harsh business climate that has severely impacted its financial viability.
This follows the earlier shutdown of its Kano store in January 2024, highlighting the ongoing difficulties faced by retail operators across the country.
The profitability crisis extends beyond large retailers.
Smaller businesses are also feeling the strain as rising operational costs and persistent inflation push many to the brink of closure.
Jumia recently announced the complete shutdown of Jumia Food, its food delivery service in Nigeria, pointing to the challenging business environment and struggles in achieving sustainable profitability.
In another indicator of the challenging market, Diageo recently divested its 58.02% stake in Guinness Nigeria Plc, signaling a retreat from the Nigerian market.
This pattern of exits is becoming increasingly common, with multinationals like GSK, Procter & Gamble, Sanofi, and Kimberly-Clark also bowing out due to difficulties including foreign exchange constraints and escalating energy costs.
Over the past 18 months, Nigeria’s inflation rate has skyrocketed from around 24% to a staggering peak of 34.19%, the highest in nearly three decades.
This surge has been driven largely by rising food and transportation costs, placing additional pressure on consumers and businesses alike.
Other News
Kenya Celebrates First Lady Rachel Ruto’s 56th Birthday
On November 20, 2024, Kenya’s First Lady, Rachel Ruto, celebrated her 56th birthday and her husband President William Ruto publicly expressed his love and appreciation for his wife on this special day, wishing her well.
The birthday celebrations were marked by an outpouring of goodwill from political figures, media, and citizens across Kenya, who praised her for her grace, leadership, and significant contributions to society, particularly through initiatives like the Joyful Women Organisation, which aims to empower rural women.
READ MORE: Vinicius Jr. Honors Cameroonian Roots Ahead Of Brazil’s Clash With Uruguay
The day was characterized by a collective acknowledgment of her role as a national figure dedicated to community upliftment.
In a heartfelt message, President William Ruto took to social media, writing, “Happy birthday my love, @MamaRachelRuto. Continue being a blessing to me and our children. Mungu akubariki sana,” which translates to “God bless you abundantly.”
Other prominent leaders also extended their wishes to the First Lady, with Anne Waiguru, EGH, OGW, Governor of Kirinyaga County, tweeting, “Happy Birthday First Lady,” further showing the respect and admiration for Rachel Ruto’s leadership and impact.
Other News
Gas Explosion in Katsina Filling Station Damages Six Vehicles
A gas cylinder explosion at a filling station in Jibia Local Government Area of Katsina State has resulted in significant damage to six vehicles, according to a statement from the Katsina State Police Command.
The command’s spokesperson, Abubakar Sadiq-Aliyu, confirmed the incident, which occurred on Friday, November 15, 2024.
He explained that a loud explosion alerted police operatives from the Jibia Divisional Police Headquarters. Responding promptly, the Divisional Police Officer led a team to the site, supported by military personnel.
READ MORE: JUST IN: Inflation Woes Continue As Nigerian Rates Climb To 33.88%
“Upon arrival, operatives found a truck loaded with gas cylinders engulfed in flames at Tamal filling station, along Kagadama-Magamar Jibia Road,” Sadiq-Aliyu stated. The joint team acted swiftly, deploying measures to protect lives and limit property damage. Their efforts successfully extinguished the fire.
The spokesperson added, “Six motor vehicles were significantly affected by the fire incident, but fortunately, no life was lost.”
State Commissioner of Police, Aliyu Abubakar-Musa, has directed a thorough investigation to determine the cause of the explosion. Updates on the findings will be provided as investigations progress.
This incident highlights the need for heightened safety measures at gas filling stations to prevent such occurrences.
Other News
UNICAL Student Sound Alarm Over Dangerous Hostel Conditions
Students of the University of Calabar have raised serious concerns about the deteriorating condition of several hostels on campus, with many fearing that the buildings could collapse due to structural damage.
The alarming situation was highlighted during a phone-in segment of the university’s Unical International Radio programme, What I Will Do If I Had Power to Run Unical, on Thursday evening.
Students, particularly those residing in Hostels 8 and 9, expressed deep worry about the growing number of cracks appearing on the walls, exacerbated by the ongoing heavy rains in Calabar.
READ ALSO: JUST IN: Tinubu Appoints Bwala As Special Adviser, Names New Heads For Key Agencies
These cracks, they fear, could lead to the collapse of the structures, posing a significant safety risk to residents.
Jane, a female student from Malabo Republic, spoke out on the programme, emphasizing the urgency of addressing the issue.
She said, “If I had the power to run this school, the first thing I would do is initiate a massive renovation of the hostels, especially those in Malabo Republic.
“The cracks in the walls of halls 1, 2, 4, 8, and 9 are major safety concerns. The rains we’ve been having could worsen the situation and lead to a disaster. These walls could cave in at any time, and the consequences could be devastating.”
Other students echoed similar concerns, highlighting the lack of basic amenities such as electricity, which has contributed to unhygienic conditions within the hostels.
This has led to unhealthy activities in the dormitories, further adding to the students’ frustrations.
In response to the complaints, the Vice Chancellor of the University, Prof. Florence Bankong Obi, assured the students that the issue had been noted and that action would be taken to address the dilapidated state of the hostels.
“We are aware of the situation, and it has already been included in our plans for immediate action,” Prof. Obi stated.
The students are now calling on the university administration, as well as the Students’ Union Government, to prioritize the renovation of the hostels and ensure the safety and well-being of all residents.