Sun International to ditch Nigeria

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Downtown Lagos, Nigeria. (Photo: iStock)
Downtown Lagos, Nigeria. (Photo: iStock)

Cape Town - Hotel and leisure conglomerate Sun International [JSE:SUI] announced on Monday that it will exit Nigeria.

In its results announcement for the year to end-June 2016, Sun International said its hotel and casino complex Federal Palace continues to operate in a difficult environment with the Nigerian economy facing a number of crises including the low oil price, Boko Haram and a weakening naira. The country also has still not recovered from the significant impact the Ebola epidemic had on the business.

In addition to problems faced by the country, there are a number of issues specific to the local Nigerian partners in the Federal Palace and these have further exacerbated matters, Sun International said.

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