LAGOS, Nigeria—Retail Supermarkets Nigeria Limited (RSNL), the operator of the Shoprite franchise in the country, has publicly denied reports that it is leaving the Nigerian market. The company said recent reports of empty shelves and temporary closures at some of its outlets were part of a “reset” of its business model.
In a statement released on Friday, RSNL explained that it is undergoing a turnaround programme backed by new investors to adapt to Nigeria’s economic realities. The company cited challenges such as exchange rate volatility, rising inflation, and liquidity constraints as reasons for the change.
According to RSNL, its previous business model—which relied on large-format stores, heavy imports, and high overhead costs—was no longer sustainable.
The new strategy will focus on several key areas, including:
- Smaller, more efficient store formats.
- Strengthening local supply chains, with over 80% of products to be sourced within Nigeria.
- Offering more affordable private-label options.
- Improving liquidity management and operational efficiency, such as energy optimization.
“Yes, it has been a tough period, but this is not a collapse; it is a reset,” said Bunmi Cynthia Adeleye, the Chief Strategy Officer at RSNL. “The old model did not work for Nigeria. With new investors behind us, we are rebuilding Shoprite to be more local, culturally relevant, more affordable, and more resilient. We are coming back bigger and stronger to serve Nigerian customers better than ever before.”
The company concluded its statement by stressing its long-term commitment to Nigeria and its plan to continue serving its customers and suppliers.
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