As the tension created by the recent xenophobic attacks in South Africa dies down, South African businesses are increasing their investments in Nigeria.
Despite the threat posed by the recent xenophobic attacks in South Africa to the country’s relations with Nigeria, South African companies are still not relenting in their efforts to capitalize on Nigeria’s rapidly growing economy.
In fact, many South African companies already operating in Nigeria are working on expanding and multiplying their stakes in the Nigerian economy.
Notable among South African companies presently planning to expand their Nigerian operations are Pepkor and Shoprite.
Pepkor, a clothing retailer, recently announced plans to double its presence in Nigeria by opening 10 new stores every year through 2018. Shoprite, another retail outfit, recently went into a partnership deal with Resilient, one of South Africa’s largest owners of countryside malls, to build 10 new shopping centres in Nigeria.
Over the years, many South African businesses have enjoyed massive acceptance in Nigeria and have been given a fertile ground to operate and thrive. This explains why more South African businesses are seeking to enter Nigeria, and why those already in Nigeria are seeking to expand.
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