Pick n Pay to exit Nigerian market amid challenging economic conditions

South African retailer Pick n Pay has announced plans to exit the Nigerian market by selling its 51% stake in a joint venture with A.G. Leventis Nigeria, marking a shift in its international strategy.

CEO Sean Summers stated that the exit aligns with the company’s broader goal of restructuring operations outside South Africa.

Pick n Pay’s withdrawal adds to a growing list of multinational companies departing from Nigeria, citing economic challenges.

In recent years, several other major brands have pulled back from Nigeria, including fellow South African retailer Shoprite, which closed stores in Abuja and Kano, and Jumia, which discontinued its Jumia Food service.

Major multinational firms like GlaxoSmithKline, Procter & Gamble, Sanofi, and Kimberly-Clark have also exited, attributing their decisions to an increasingly challenging business environment.

These corporate exits signal rising concerns over Nigeria’s economic climate, prompting businesses to reevaluate their long-term viability in the market.