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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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AFCON 2025 Drama: Morocco Defends CAF Ruling Amid Growing Controversy

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The Fédération Royale Marocaine de Football (FRMF) has defended its position following the controversial ruling by the Confederation of African Football Appeal Board over the disputed 2025 Africa Cup of Nations final.

In a statement issued on Wednesday, the Moroccan football authority said its appeal was strictly aimed at ensuring the proper application of competition rules, and not to question the sporting merit or performance of any team involved in the final.

The federation emphasized its commitment to fairness, transparency, and the stability of African football competitions, noting that its actions were guided by respect for established regulations.

ALSO READ: JUST IN: Senegal Stuns Hosts Morocco To Lift AFCON 2025 Trophy

“The Federation reiterates that its approach has always been grounded in respect for the rules and stability of African competitions,” the statement read.

FRMF also praised all participating nations in the tournament, describing the 2025 AFCON as a significant milestone in the growth and development of football across the continent.

However, the body revealed that a more detailed position would be made public after a scheduled meeting of its governing organs.

The statement is expected to further clarify Morocco’s stance and outline any possible legal or administrative steps moving forward.

The CAF Appeal Board’s decision has continued to generate widespread reactions among football stakeholders, with growing calls for clearer regulations, improved transparency, and consistency in the administration of African football.

 

 

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Inside Tinubu’s Closed-Door Meeting With Opposition Leaders – SDP, IPAC Reveal Details

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The Social Democratic Party (SDP) and the Inter-Party Advisory Council (IPAC) have disclosed details of their recent closed-door meeting with President Bola Tinubu, explaining that the engagement focused on strengthening Nigeria’s democratic process ahead of the 2027 general elections.

The clarification came amid speculation surrounding the meeting, which took place at the Presidential Villa in Abuja after leaders of several opposition parties attended an Iftar dinner hosted by the president earlier in the week.

ALSO READ: NNPC Secures Tinubu’s Approval for $20bn FID on Bonga Deepwater Project

Speaking during a gathering hosted in Abuja by the SDP’s former presidential candidate, Adewole Adebayo on Friday, the party’s National Chairman, Prof. Sadiq Gombe, said the meeting with Tinubu followed an official invitation from the Presidency and lasted about an hour.

According to Gombe, the discussion centred on the need to strengthen Nigeria’s electoral laws and restore public confidence in the country’s electoral process ahead of the 2027 polls.

He explained that the meeting provided an opportunity for party leaders to remind the president of the importance of conducting transparent, free, and credible elections.

Gombe noted that democracy can only thrive when governments listen to the concerns of citizens and ensure electoral processes that guarantee fairness and accountability.

The SDP chairman also expressed concern over growing voter apathy, pointing to the low turnout recorded in the recent Area Council election in the Federal Capital Territory.

He said the Abuja Municipal Area Council election witnessed only about seven per cent voter turnout, which he described as a clear sign that many Nigerians are losing confidence in the electoral system.

Gombe urged the government and members of the National Assembly to take urgent steps to review electoral laws and rebuild public trust in Nigeria’s democracy.

Also speaking, the National Chairman of IPAC, Dr. Yusuf Dantalle, said political parties used the meeting to raise concerns about aspects of proposed electoral reforms, particularly issues related to indirect primaries and the mandatory electronic transmission of results.

Dantalle explained that the parties appealed to the president to use his influence to encourage legislative review where necessary, noting that reforms should strengthen, rather than complicate, the democratic process.

He expressed optimism that Tinubu would consider the concerns raised and support necessary amendments that would improve the electoral system.

The IPAC chairman also called on the Independent National Electoral Commission (INEC) to strictly adhere to electoral guidelines as preparations for the next election cycle begin.

Earlier in his remarks, Adebayo cautioned political actors against turning the 2027 general elections into a do-or-die contest, stressing that the primary goal of democracy should be the progress and stability of Nigeria rather than personal political victories.

He urged leaders across political parties to encourage citizens to actively participate in the democratic process and ensure that elections are conducted peacefully and transparently.

 

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President Tinubu nominates Taxman Taiwo Oyedele as minister of state for finance

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President Bola Ahmed Tinubu has nominated the arrowhead of the nations new tax reforms, Mr Taiwo Oyedele as the next minister of state for finance, replacing Dr Doris Uzoka-Anite.
Uzoka-Anite will now move to the Ministry of Budget and National Planning, as the Minister of State, her third portfolio in the administration.

President Bola Tinubu and Mr. Taiwo Oyedele during his nomination on Wednesday.

President Tinubu has today conveyed the nomination of Oyedele to the Senate for confirmation in a letter to the Senate President, Godswill Akpabio.
Until President Tinubu nominated him as a minister, Oyedele from Ikaram, Akoko, Ondo State, was the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, which overhauled Nigeria’s tax system.
Oyedele, 50, is an economist, accountant and public policy expert.
He attended Yaba College of Technology, where he obtained a Higher National Diploma (HND) in accountancy and finance. He attended Oxford Brookes University and earned a BSc in applied accounting.
He also completed executive education programmes at the London School of Economics, Yale University, the Gordon Institute of Business Science, and the Harvard Kennedy School.
Oyedele spent 22 years of his working career at PwC, joining in 2001 and rising to become the Fiscal Policy Partner and Africa Tax Leader.
Oyedele is also a professor at Babcock University in Ogun State and a visiting scholar at the Lagos Business School.
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