Shoprite: Foreign companies wey don carry dia business comot Nigeria
Ogbonge supermarket chain, Shoprite Holdings Limited, announce on August 3rd, 2020 say dem dey consider to end dia business for Nigeria wia dem don dey do business for 15 years and get 25 stores.
Di South Africa company wey open dia first store for Lagos in 2005, announce on Monday say dem dey find buyer for dia business inside di West African kontri. From report wey dem release, dem say di business dey experience loss as a result of di Covid- 19 lockdown. But dis move from shoprite if e work out no go be di first time Nigeria dey experience dis kain tin. See di list of oda businesses wey don carry dis kain leg. Woolworths Holdings Ltd South African food-and-clothing retailer Woolworths Holdings Ltd begin operations for Nigeria for 2011, for 2013 afta one and a half year wey dem begin operate, dem close all dia three stores for di kontri. Woolworths Chief Executive Officer Ian Moir Dem for statement say reasons why dem leave na sake of high rental cost, duties and supply challenges for Nigeria. Di company still get branches for other African kontris. Tiger Brands Food giant company Tiger Brands enta Nigeria market for 2012. Dem invest 63.5% money for Dangote Flour Mills wey make dem become di highest shareholders for di company. But by 2015, Tiger Brands say dem no dey do again as dem sell di company give Dangote back. Di oga of di company Noel Doyle bin say di company dey lose money and dem no dey make profit. Dem lose dia investment for Nigeria. Etisalat UAE Etisalat brand dia telecommunication name for Nigeria as 9mobile Etisalat Group na one of di world most profitable telecommunication company, dem dey operate for about 15 kontris. Di United Arab Emirate telecommunication company enta Nigeria for 2008 and e become di fourth largest GSM service producer for Nigeria. For 2017, di company management decide to comot from di West African kontri, sake of poor economy, naira devaluation and plenty loan wey dem collect. Dem later rebrand di telecommunication company for Nigeria to 9mobile. Dunlop and Michelin Dunlop Tyres Dunlop and Michelin na two foreign companies wey dey produce tyres for di Nigeria. Dem establish Dunlop Nigeria PLC for 1961. Di company shut down im operations for Nigeria for 2008 afta di federal goment reduce tariff on imported tyres from 40% to 10%, poor power supply also join why dem leave. HSBC and UBS HSBC say coronavirus pandemic affect dia business Di two international Banks bin close down dia operations for Nigeria for 2018. Dem no give any reason why dem comot di Nigerian market. Central Bank of Nigeria wey announce dia exit say foreign investment drop well-well for 2017. CBN say foreign direct investment bin drop from 379.84bn naira ($1.2 bn) for di first half of di year from 532.63bn naira ($1.7bn) for 2017. Di management no give reason why di banks close.