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Multinational exodus continues as Pick n Pay departs Nigeria

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South African grocery retailer, Pick n Pay, on Monday, announced its exit from Nigeria, selling its 51% stake in a joint venture with A.G. Leventis, Nigeria.

This move is part of the company’s broader restructuring efforts outside its home market.

Pick n Pay entered the Nigerian market less than five years ago, establishing two stores. However, citing strategic reevaluation, Sean Summers, CEO of Pick n Pay, confirmed the retailer’s departure, in a press release.

“We continuously evaluate our international operations to ensure alignment with our strategic objectives,” Summers stated. “This decision will enable us to focus on our core markets.”

READ ALSO: Naira slumps massively, sheds N70, trades at N1, 670/$1 at official window

Growing List of Departures

Pick n Pay’s exit follows other multinationals leaving Nigeria:

1. Shoprite (South African retailer): Closed Abuja store in June 2024, after shutting down its Kano store in January 2024.

2. Jumia: Ended its food delivery service, Jumia Food, in December 2023, citing unsustainable market conditions.

3. GlaxoSmithKline (GSK) Consumer Nigeria Plc

4. Procter & Gamble

5. Sanofi

6. Kimberly-Clark

The departures raise concerns about Nigeria’s attractiveness to foreign investors and potential implications for employment and economic growth.

As Pick n Pay and other multinationals depart, local retailers may seize opportunities to fill the gap, shaping Nigeria’s retail landscape.

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