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LequteMan
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Nigeria - Following the reduction in diplomatic tension betweeen South Africa and Nigeria, South African companies are now in moves to double their investments in Nigeria.
The South African companies are taking bullish positions on the Nigerian economy, apparently crowding out local competition. Two of the South African companies, Pepkor and Shoprite, amongst many others have announced expansion program that would more than double their stakes in the Nigerian economy.
Pepkor Nigeria’s general manager, Deon Conradie, last week in Lagos said the company which opened its first outlet in Nigeria in 2012, will have 31 stores by July this year. The clothing and footwear chain plans to sustain that growth rate over the next three years, he said.
In a related development property group, Resilient, one of South Africa’s largest owners of platteland malls, has entered into a joint venture with Whitey Basson’s Shoprite to build 10 shopping centres in Nigeria. The deal, worth more than USD85 million, also involves two other South Africa’s big finance and investment organizations, Standard Bank and Group Five.
click here to read full story from Vanguard
#Nigeria #SouthAfrica #Xenophobia #Shoprite #Pepkor #StandardBank
The South African companies are taking bullish positions on the Nigerian economy, apparently crowding out local competition. Two of the South African companies, Pepkor and Shoprite, amongst many others have announced expansion program that would more than double their stakes in the Nigerian economy.
Pepkor Nigeria’s general manager, Deon Conradie, last week in Lagos said the company which opened its first outlet in Nigeria in 2012, will have 31 stores by July this year. The clothing and footwear chain plans to sustain that growth rate over the next three years, he said.
In a related development property group, Resilient, one of South Africa’s largest owners of platteland malls, has entered into a joint venture with Whitey Basson’s Shoprite to build 10 shopping centres in Nigeria. The deal, worth more than USD85 million, also involves two other South Africa’s big finance and investment organizations, Standard Bank and Group Five.
click here to read full story from Vanguard
#Nigeria #SouthAfrica #Xenophobia #Shoprite #Pepkor #StandardBank
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