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Retail Exodus: Pick n Pay To Exit Nigeria Amidst Soaring Inflation

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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.

 

 

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LASTMA Alerts Motorists to Traffic Delays on Ogunnusi Road

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The Lagos State Traffic Management Authority (LASTMA) has alerted motorists to traffic delays along Ogunnusi Road towards Ojodu-Berger due to ongoing rehabilitation work.

LASTMA disclosed this in a post on its official X account on Sunday, stating that the road rehabilitation was being carried out by the Lagos State Public Works Corporation (LSPWC).

According to the agency, “The ongoing work is affecting traffic flow, with vehicles moving at a slower pace in both directions.”

ALSO READ: Chaos On Lagos-Ibadan Expressway As LASTMA Shuts Otedola Bridge

To ease the situation, LASTMA said a contraflow arrangement had been introduced for motorists travelling from Omole Junction towards Vis Junction.

“A contraflow arrangement is in place for vehicles coming from Omole Junction towards Vis Junction to facilitate the movement of traffic,” the agency stated.

LASTMA added that its personnel had been deployed to manage traffic and ensure the continuous movement of vehicles around the affected area.

“Our personnel are on ground managing the traffic situation and ensuring the continuous flow of vehicular movement,” the agency said.

The traffic management authority advised motorists to remain patient and exercise caution while the rehabilitation work continues.

“Motorists are advised to exercise patience and drive with caution while the rehabilitation work continues,” LASTMA stated.

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Dangote Investments are Catalysts for Africa’s Economic Growth – AFC

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Leading economists, financial experts and industry stakeholders have described the Dangote Group’s investments as major drivers of industrialisation and economic transformation across Nigeria and Africa.

The experts cited the Group’s impact on job creation, import substitution, foreign exchange conservation and economic competitiveness.

They voiced their thoughts at the Lagos Economic Summit themed “The Real Deal: Africa’s Greatest Investment Opportunity,” where they urged governments to implement policies that strengthen local industries and accelerate economic diversification.

President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, commended the Dangote Group’s sustained investments across Africa, describing them as critical to unlocking the continent’s economic potential.

He noted that while recent economic reforms have improved foreign exchange stability, strengthened reserves and eased inflationary pressures, the focus must now shift to growth in industry, productivity and employment.

READ ALSO: NMDPRA Shares July Domestic Cooking Gas Supply Details

Also speaking, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said industrialisation remains the most effective path to sustainable economic development.

He called for better alignment of trade and industrial policies, stressing that local manufacturers require strategic support to compete effectively and drive broader economic benefits.

Founder and CEO of Nairametrics, Ugodre Obi-Chukwu, said Africa’s growing population presents a significant industrial opportunity, noting that investments such as the Dangote Refinery are helping to retain capital within the continent while strengthening local production capacity.

In his keynote address, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria is gradually transitioning from a consumption-led economy to one driven by investment and production.

He added that sustained investments in productive sectors will continue to stimulate growth, create jobs and improve living standards.

Participants at the summit also advocated stronger credit infrastructure, improved national identification systems and increased investment in skills development to enhance the productivity and global competitiveness of Africa’s growing youth population.

Photo Caption: From Left – Chief Economist, Dangote Industries Limited, Dr. Hassan Mahmud; Lady Maiden Alex-Ibru; Chairman of Occasion/Special Guest of Honour, Samaila Zubairu; Key Note Speaker Session 1, Bismarck Rewane; during the Real Deal: Africa’s Greatest Investment Opportunity, Sponsored by Dangote Industry Limited in Lagos on Thursday 3, September 2026.

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VDM Fires Back at Police, Releases First ‘Evidence’ Over Kidnap Claims

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#Nigeria Decides: 10,000 Security Personnel Deployed In Plateau

Social media critic Martins Vincent Otse, popularly known as VeryDarkMan (VDM), has released what he described as his first piece of evidence after the Nigeria Police Force challenged him to substantiate his allegations that some police officers allegedly collaborate with kidnappers.

VDM released a video on his Instagram handle on Thursday, August 27, 2026, shortly after the police invited him to provide evidence supporting the claims he made at the 66th Annual General Conference of the Nigerian Bar Association (NBA) in Port Harcourt.

SEE MORE: ‘Provide Evidence’ — Police React to VDM’s Explosive Kidnap Allegation

The activist captioned the video: “My evidence number 1.”

Recalled that VDM, who was a panellist at the NBA conference on Tuesday, had alleged that some police officers manning checkpoints along major highways provide kidnappers and bandits with information about travellers.

According to him, the officers allegedly relay details about the identities and movements of travellers to criminal groups, thereby facilitating abductions for ransom.

The allegation triggered a response from the Nigeria Police Force, which denied the claim and challenged VDM to substantiate his allegations.

The police invitation came as the force sought evidence to support the serious claims made by the social media critic.

In response, VDM released the video, describing it as his “evidence number 1”, signalling that he may provide further material to support his allegations.

The development has continued to attract attention, with the controversy placing renewed focus on allegations of possible collaboration between security personnel and criminal groups involved in kidnapping and banditry.

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