Shoprite Mall has announced the closure of its branch located at Novare Central Mall in Wuse Zone 5, Abuja, effective June 30, 2024. The decision was made after a comprehensive assessment of the store’s financial performance and the current business environment.
According to a circular signed by Chief Executive Officer Dr. Folakemi Fadahunsi, the closure is necessary for the company’s long-term growth. The store will cease operations as of June 30, 2024, and vendors will no longer be required for the location.
The circular further states that the company will review its accounting records over the next 60 days to settle outstanding balances with vendors.
Exodus of Multinationals from Nigeria
Shoprite’s closure is the latest in a series of departures by multinational companies from Nigeria. Economist Dr. Vincent Nwani estimates that this exodus has cost the country N94tn in lost output over the past five years.
In recent years, companies such as Unilever Nigeria, Procter & Gamble Nigeria, and Guinness Nigeria have either scaled down operations, transferred ownership, or sold their stakes in Nigeria. This trend is largely attributed to economic challenges, including foreign exchange scarcity, high inflation, and political instability.
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