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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.
Just a week after being sworn in as the 47th President of the United States, Donald Trump has stirred up speculation about a potential bid for a third term, despite constitutional limits.
During a meeting with House Republicans on Monday, Trump jokingly floated the idea, saying, “I’ve raised a lot of money for the next race that I assume I can’t use for myself, but I’m not 100 percent sure.
I think I’m not allowed to run again. Am I allowed to run again?” He then turned to House Speaker Mike Johnson, a former constitutional lawyer, adding, “Mike, I better not get you involved in that.”
Johnson, along with other lawmakers in attendance, responded with laughter, brushing off the remarks as Trump’s signature style of mixing humour with provocative statements.
On Monday, former US President Donald Trump revealed that Microsoft is in talks to acquire TikTok, as the app’s future in the United States remains uncertain.
TikTok has been under pressure due to a US law requiring the app to separate from its Chinese parent company, ByteDance, or face a potential ban in the country. Trump was asked by reporters if Microsoft was in negotiations to buy the popular app, to which he confirmed, saying, “I would say yes.”
He also noted that there is significant interest in TikTok, adding, “There’s great interest in TikTok.” Trump suggested that a bidding war for the app could also be a positive development.
On Monday, Nigeria’s Vice President, Kashim Shettima, reassured Nigerians that the administration of President Bola Tinubu is committed to addressing the challenges caused by its reform policies.
Speaking at the National Conference on Strengthening Democracy in Nigeria in Abuja, Shettima emphasized that tackling economic difficulties and reinforcing weak institutions across Africa is key to ensuring lasting democracy. He was represented at the event by Hakeem Baba-Ahmed, his Special Adviser on Political Issues.
“We are aware of the pain many Nigerians are feeling due to the policies we’ve implemented,” Shettima stated. “Our administration is working hard to correct the flaws in our economy and improve security for our citizens.”
He further reassured the public that the government is fully committed to navigating the challenges of transitioning from a difficult past to a brighter future.
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