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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.
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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.
Renowned Nollywood actor, Ibrahim Chatta, has sparked conversation by claiming that award-winning singer Davido is richer and more influential than his billionaire father, Dr. Adedeji Adeleke.
Chatta made this statement while addressing the importance of respecting individuals in positions of authority, regardless of their age. He argued that accomplishments, not age, determine who an elder is. Using historical references, Chatta cited Alexander the Great, who achieved incredible feats before his death at 33, as an example of youthful greatness.
“God purposely placed some certain people in some positions, but you guys are looking at their age. It’s not about the age; any younger person that possesses things that belong to elders, is an elder,” Chatta said.
The actor emphasized that Davido’s wealth and influence surpass those of his father, despite Dr. Adeleke’s established status as a billionaire. Chatta highlighted the global recognition and adoration Davido commands, describing the singer as someone who garners immense loyalty and admiration.
“I was just looking at the numbers of people surrounding Davido the day I sat with him, I was just seeing how people were ready to be killed just to get to him. He is an elder. Davido’s father is a billionaire that has been doing big things before the singer’s arrival. His father is rich but not as Davido. If his dad is passing by, you might not recognise him, but if Davido passes here, a stampede will happen.”
Chatta’s remarks have stirred reactions across social media, with many debating whether fame and influence should outweigh wealth in defining success.
Veteran Nollywood actress, Rita Edochie, has expressed her admiration for Donald Trump, claiming that the entire world wishes for a leader like him.
The actress made this statement while celebrating Trump’s inauguration as the 47th President of the United States on January 20, 2025.
In a lengthy Instagram post, Edochie shared her unwavering support for Trump, despite facing criticism for her stance. She revealed that she is often referred to as “Mama Trump” by detractors but remains unfazed by their remarks.
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“January 20, 2025, marks a historic milestone as Trump takes oath of office as the 47th President of the United States. As you begin your new term, I wish you immense wisdom to tackle the challenges facing our nation,” Edochie wrote.
Describing Trump as an angel, she added, “After all, the entire universe wishes they had an Angel like Donald Trump to be their president.”
The actress also expressed her desire to see a leader in Nigeria who embodies Trump’s qualities, stating, “I do wish a man in the likeness of Trump be sworn into the Nigerian Executive Offices one day.”
Edochie’s comments have sparked discussions online, with many applauding her loyalty while others remain critical of her views.
Former Labour Party presidential candidate, Peter Obi, has taken to social media to celebrate the birthday of popular media influencer and entertainer, Tunde Ednut.
In a heartfelt post shared on Monday via X (formerly Twitter), Mr. Obi praised Tunde Ednut for his remarkable contributions to the entertainment industry.
The former Anambra State governor described Ednut as a creative and hardworking internet personality who has captivated audiences with his humor and consistency.
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“Today, I join the world in celebrating the birthday of a remarkable Nigerian Media Influencer, Tunde Ednut,” Obi wrote.
“Tunde has earned his place as one of Nigeria’s most admired and hardworking internet celebrities, captivating audiences with his creativity, humor, and consistency.”
Acknowledging Ednut’s influence and ability to connect with people across borders, Obi lauded him as a significant force in the digital entertainment space.
He also extended his best wishes for good health, success, and continued contributions to the nation’s development.
“His impact on digital entertainment and his ability to connect with people across borders is truly remarkable, making him a force in the industry. On this special day, I wish Tunde Ednut good health of mind and body, continued success, and many more productive years ahead, as he continues to contribute to the development of our nation. Happy birthday, Tunde Ednut!”
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