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Pick n Pay” to exit Nigeria after selling 51% its stake
South African retail giant Pick n Pay has announced its exit from the Nigerian market after selling a 51% stake in its Nigerian operations. The decision to withdraw comes as the company reassesses its African investment strategy amid various challenges faced in Nigeria, including logistical and economic hurdles that have affected its growth and profitability in the region.
Pick n Pay initially entered the Nigerian market with high hopes, seeing it as a strategic expansion opportunity in West Africa. However, the complex business environment, coupled with supply chain constraints, inflation, and changing consumer preferences, made it difficult for the brand to establish a strong foothold.
The retailer’s departure underscores the difficulty international brands often face in Nigeria’s dynamic retail sector, where factors like infrastructure limitations and fluctuating currency values complicate operations.
Despite its challenges, Pick n Pay expressed gratitude for the partnership and customer support it received in Nigeria, with hopes that its former stake will continue to operate under new ownership, potentially with a focus better aligned to the local market demands.
In conclusion, Pick n Pay’s exit from Nigeria, marked by the sale of its 51% stake, reflects the retailer’s strategic shift to consolidate its resources and optimize profitability elsewhere, shedding light on the complexities of operating in one of Africa’s most challenging but promising markets.
Nigerian news analyst, Mahmud Jega, has shared his opinion on the recent airstrike carried out by the United States in Nigeria, stating that Nigerians should not blame President Bola Tinubu for the incident.
Jega made this statement during a recent interview, where he said he does not believe many people will hold the Tinubu administration responsible, as Donald Trump had issued threats against Nigeria long before Tinubu’s administration.
“No, I don’t think many people will blame the Tinubu administration for what is happening now because President Donald Trump, when he first made the threats, it was clearly not in coordination with the Tinubu administration or the government of Nigeria,” Jega said.
It has been reported that the United States carried out an airstrike targeting ISIS in the northwest region of Nigeria. The order was reportedly given by former U.S. President Donald Trump.
“Tonight, at my direction as Commander in Chief, the United States launched a powerful and deadly strike against ISIS terrorist elements in northwest Nigeria,” Trump said.
He added, “I have previously warned these terrorists that if they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was.”
The Federal Government of Nigeria has officially declared the holiday dates for the festive season.
Thursday, December 25 will be observed as Christmas Day, December 26 as Boxing Day, and Thursday, January 1 as New Year’s Day.
The declaration was made by the Permanent Secretary of the Ministry of Interior, Dr. Magdalene Ajani. He also added that Nigerians should celebrate the holidays in faith and pray for the nation.
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