South African grocery retailer Pick n Pay is set to exit Nigeria by selling its 51% stake in a joint venture, a move aimed at restructuring its operations outside its home market. CEO Sean Summers announced this decision on October 28, 2024, marking the end of a less than five-year venture in Nigeria, where the company operates two stores. This exit is part of a broader trend, as many multinationals have recently left Nigeria due to profitability challenges exacerbated by inflation and currency depreciation. The company has reported significant trading losses, with a half-year loss of 1.1 billion rand ($62 million), driven by declining profit margins. Despite these setbacks, Pick n Pay noted improvements in its clothing and online segments, and plans to list its Boxer division on the Johannesburg stock exchange. The ongoing economic challenges in Nigeria have led to caution among consumer goods companies, with several, including Shoprite and Jumia, also scaling back operations in the country.