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Is Shoprite abandoning its African Dream after 25 years?

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Shoprite CEO, Pieter Engelbrecht said the forex and product import bans in Nigeria made it impossible to stay for businesses who play by the book.
Photo: Supplied by Shoprite Group
Shoprite CEO, Pieter Engelbrecht said the forex and product import bans in Nigeria made it impossible to stay for businesses who play by the book. Photo: Supplied by Shoprite Group

"With an expected population of about four billion by the end of the century, I think Africa could be the next Asia," said Shoprite's former CEO, the man responsible for growing the food retailer from just eight stores to the pan-African food retailer that it is last month.

Whitey Basson's interview with Fin24 came just as his successor, Pieter Engelbrecht, announced that the company was exiting the continent's largest market, Nigeria.

When Shoprite presented its results for the year ended on 30 June on Tuesday, meanwhile, numbers for Shoprite's non-RSA retail operations did little to tell the story of Africa's potential.

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