Shoprite Reassures Nigerians, Says It Is Not Shutting Down

Retail Supermarkets Nigeria Limited (RSNL), operators of the Shoprite franchise in Nigeria, has dismissed rumours suggesting an exit from the country, affirming that it remains fully committed to its operations.

In a statement, the company, now backed by new investors, explained that it is undergoing a “business model reset” to reflect Nigeria’s prevailing economic realities.

The firm disclosed that its old model—dominated by large store formats, heavy import reliance, and high overheads—was no longer sustainable due to exchange rate volatility, soaring inflation, and dwindling liquidity.

“The former business model, inherited after the company’s acquisition, heavily relied on imports and large formats. This is no longer viable given the current economic climate,” the statement read.

RSNL said it has now shifted focus to strengthening its local supply base, with 80 per cent of its products sourced within Nigeria, a move it described as vital to stabilising operations and ensuring long-term growth.

“Our reset is built on key pillars, especially local supply chains. Over 80 per cent of our products are now locally sourced,” the company added.

Chief Strategy Officer of RSNL, Bunmi Adeleye, noted that the company is in a rebuilding phase and is deliberately pivoting towards a more localised outlook.

“This process is about repositioning the business, reducing reliance on imports, and creating a model that aligns with Nigeria’s economic realities,” Adeleye said.

The retailer maintained that the restructuring would not only guarantee sustainability but also ensure that Shoprite continues to serve millions of Nigerian households.