Retail Supermarkets Nigeria Limited, operator of Shoprite in Nigeria, has secured new investor backing, signaling confidence in its long-term prospects and commitment to the local market.
In a statement on Friday, the company said the fresh funding strengthens its capital base, enabling it to accelerate its turnaround strategy and usher in a renewed growth phase for Nigeria’s leading supermarket chain.
RSNL acknowledged that rising costs and liquidity constraints have posed challenges for the wider retail sector but noted that it has begun addressing these pressures and is now firmly focused on executing its recovery plan with investor support.
As part of this new phase, the company said it is honoring obligations to suppliers, reinforcing long-standing partnerships, and deepening collaboration with Nigerian entrepreneurs to localize its supply chain.
RSNL emphasized that its priority remains ensuring customers have access to affordable, high-quality products.
“RSNL is meeting past and present obligations to suppliers, reinforcing long-standing partnerships built on trust, and focusing on partnerships with Nigerian entrepreneurs to fully localise its supply chain. The company added that its priority was to ensure that its customers continue to enjoy affordable, high-quality products.
“RSNL is also driving efficiency and operational discipline — expanding local sourcing, with over 80 percent of its assortment already produced in Nigeria, introducing affordable private label products and value pricing, and investing in energy optimisation, productivity improvements, and modern store formats tailored to Nigerian shoppers,” according to the statement.
Chief Strategy Officer at RSNL, Bunmi Cynthia Adeleye, was quoted to have said, “Honestly, the past months have been quite challenging for most Nigerian businesses, including ours. However, we are very confident that – with fresh investor backing, we are rebuilding Shoprite to be more local, culturally relevant, more affordable, and more resilient. We are coming back bigger and stronger to serve Nigerian customers better than ever before.”
Shoprite reaffirmed its commitment to Nigeria, expressing gratitude to the millions of customers and suppliers who have supported it over the years. The company pledged to remain an integral part of the country’s retail story.
