South African billionaire Christo Wiese, former chairman of Shoprite Holdings Ltd., predicts a resurgence of global conglomerates in Nigeria despite recent departures.
In an interview on Bloomberg TV, Wiese emphasized Nigeria’s undeniable economic potential, citing its large and growing population. He asserted that major players will inevitably re-enter the Nigerian market, dismissing the recent exits as temporary setbacks.
“How do you ignore an economy like this?” said the former chairman of Shoprite Holdings Ltd, the continent’s largest grocer which left Nigeria in 2021. “Sooner or later the big players will enter again.”
Wiese highlighted the challenges faced by foreign investors in Nigeria, including the volatility of single-commodity economies and the need for stable government policies to foster economic development.
Despite Procter & Gamble Co. and others withdrawing from Africa’s most populous nation, Wiese remains optimistic about Nigeria’s long-term investment prospects.
Wiese urged caution among foreign investors eyeing Nigeria, emphasizing the need for patience as the nation’s economy evolves. Wiese noted a prevailing sentiment among international investors, including those from South Africa, that it is premature to fully engage with Nigeria’s market.
He underscored the importance of allowing the economy to stabilize and for governments to implement favorable policies conducive to sustainable growth.
Credit: Bloomberg
