Retail Supermarkets Nigeria Limited (RSNL), operators of the Shoprite franchise in Nigeria, has debunked rumours of an imminent shutdown, reaffirming its commitment to long-term operations in the country.

 

In a statement released on Friday, the company, now backed by new investors, clarified that it is not exiting Nigeria but is instead implementing a holistic business model reset to adapt to the nation’s current economic realities.

 

“The former business model, inherited after the company’s acquisition, heavily relied on large store formats, imports, and high overheads. This model is no longer viable in the face of Nigeria’s current economic climate, which includes exchange rate volatility, rising inflation, and constrained liquidity,” the statement read.

 

Under the new strategy, RSNL aims to become less dependent on imports, revealing that over 80 per cent of its products are now sourced locally.

 

The firm added that the reset is anchored on strengthening local supply chains and repositioning the brand for sustainable, long-term growth.

 

RSNL’s Chief Strategy Officer, Bunmi Adeleye, described the current phase as a rebuilding process, emphasising that the company’s outlook is focused on becoming more local and resilient.

 

“This is a rebuilding phase for Shoprite Nigeria. Our future is firmly tied to the Nigerian market, and we are confident this reset will stabilise operations and create a stronger business,” Adeleye stated.

 

The company assured customers that its stores across the country will remain open as it continues to evolve its operations to meet the needs of Nigerian shoppers.