Is Shoprite abandoning its African Dream after 25 years?

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
loading...
Loading, please wait...
0:00
play article
Subscribers can listen to this article
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.

Read this for free
Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
16.37
-0.5%
Rand - Pound
19.70
+0.5%
Rand - Euro
17.11
-0.3%
Rand - Aus dollar
11.12
+1.0%
Rand - Yen
0.12
-1.1%
Gold
1,790.83
-0.9%
Silver
19.76
-2.5%
Palladium
1,904.50
-1.9%
Platinum
886.50
-1.3%
Brent Crude
109.03
-3.1%
Top 40
60,158
+0.1%
All Share
66,211
-0.0%
Resource 10
62,550
-1.9%
Industrial 25
80,200
+1.0%
Financial 15
14,765
+0.5%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot