South African grocery giant, Pick n Pay, has announced its exit from Nigeria as it seeks to streamline operations outside its primary market. CEO Sean Summers confirmed the company’s decision on Monday, indicating that Pick n Pay will sell its 51% stake in a joint venture with A.G. Leventis (Nigeria), marking its exit less than five years after entering the Nigerian market.
The departure of Pick n Pay joins a growing trend of multinationals reassessing their presence in Nigeria amid economic challenges. Earlier this year, another South African retailer, Shoprite, closed stores in Abuja and Kano, citing financial and operational concerns. Similarly, Jumia shut down its food delivery service, Jumia Food, in December 2023 after assessing market viability.
Additionally, prominent multinationals like GlaxoSmithKline (GSK) Consumer Nigeria Plc, Procter & Gamble, Sanofi, and Kimberly-Clark have also exited Nigeria, attributing their decisions to the tough business climate in the country.
