SHOPRITE NOT LEAVING Nigeria – Just Opening Ownership For Nigerians … Confirmed Reports !

ShopRite debunks exit rumour, says we are not leaving
Nigeria

ShopRite Nigeria has debunked the story making the rounds that
it intends to close shop in Nigeria. The Country Director for
Chastex Consult, Ini Archibong, in a telephone conversation with
Vanguard, said: “Shoprite is not leaving Nigeria.

“We have only just opened to Nigerian investors which we have
also been talking to just before now. We are not leaving, who
leaves over a $30billion investment and close shop? It doesn’t
sound right. “We only gave this opportunity to Nigeria investors to
come in and also help drive our expansion plan in Nigeria. So we
are not leaving. “I have tried to say this to many people as I can.
There should be no panic at all and all of that. There is no truth
in that report.” Recall that reports have been circulating that the
retail outlet has started a formal process to consider the
potential sale of all or a majority of stake in its supermarkets in
Nigeria.

The report said the retailer had struggled in the Nigeria market
after some South African owned retailer shops exited the Nigeria
market. The report further stated that Shoprite results for the
year do not reflect any of their operations in Nigeria as it will
be classified as a discontinued operation.

The report also said international markets excluding Nigeria
contributed 11.6 per cent to the group sales and reported 1.4 per
cent decline in sales from 2018. South African operations
contributed 78 per cent of the overall sales and saw 8.7 per cent
rise for the years. The report went further to say that as a result
of the lockdown, customers’ visits declined 7.4 per cent but the
average basket spends increased by 18.4 per cent.

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More for shoprite

NYCN commends Buhari, Dare on National Youth Investment
Funds

– challenge Youth to come up with innovative ideas.

The National Youth Council of Nigeria led by its President, Amb.
Sukubo Sara-Igbe Sukubo has commended the Honourable, Hon. Sunday
Dare for his innovative resourcefulness that has resulted in
the  establishment and approval of the N75 Billion naira
National Youth Investment Fund (NYIF) by President Muhammadu
Buhari.

The Minister, ably represented by the Permanent Secretary of the
Ministry, Mr Gabriel Aduda, while receiving the National Youth
Executives at the Moshood Abiola Stadium, noted that the NYCN has
taken a bold and commendable step to thank Mr President on the
establishment of the NYIF. He stated that the Memo on the
establishment of the fund was thoroughly debated and it enjoyed an
overwhelming support by members of the Federal Executive Council.
This gesture is to enable the teeming population of the Nigerian
youth to be economically motivated for sustainability.

Mr Dare added that it is important to go beyond empowering the
youth into investing in the youth of Nigeria with a common pulse
that supports entrepreneurship and small businesses as well as
provide the environment for youth to fly with their ideas. He
stated that the 75Billion naira  will come in three trenches
between now and 2023 nothing that Mr President has given directives
to the Minister of Finance, Budget and National Planning alongside
the Central Bank Governor to source for the money.

According to the Minister, the Ministry through the
Technical/Steering Committees that shall be put in place,which will
include the youths, shall be  working on modalities to enable
Nigerian youth have access to the fund and pay back within a short
period with not more than 1 digit interest rate.

He implored the youth to come up with innovative ideas that
could lead to wealth/job creation and which can as well achieve any
of the 9 cardinal goal of the present administration.

The President, National Youth Council of Nigeria, Amb. Sukubo
Sara-Igbe Sukubo, in his response, expressed gratitude to the
Honourable Minster whose supervision in the youth constituency has
recorded massive positive developments including the National Youth
Investment Fund recently approved by Mr President. Sukubo noted
that Nigerian youth have experienced a breath of fresh air and hope
is kept alive owing to the visionary foresight of the Minister for
the  growth of the youth of this country.

‘To all my fellow Nigerian youths, it is a new dawn for us, the
sound of hope echoes in the air. The long awaited dream has become
a reality and I can testify that there is a song of joy in our
lips, he said.

In his vote of thanks, the Hon. Commissioner for Pan Africa
Union in Nigeria, Mr. Niyi Oladele, thanked President Buhari for
the economic empowerment by creating this National Youth Investment
Fund for the Nigerian youth and other programmes of the ministry on
social media to keep the youths off the streets.

He however made a call to the President to kindly direct all
youths related activities and programmes scattered in other
Ministries, Departments and Agencies of government to be redeployed
and warehoused in the Ministry of Youth and Sports Development for
proper coordination.

 Olatunji John

ACIO

For: Director (Press)