South African homeware and clothing retail company, Mr Price, is quitting its Nigerian operation, due to problems with economic growth, among other issues.
The company's CEO, Mark Blair, disclosed this while presenting its full-year results on Thursday, June 25, 2020, according to a report by Reuters.
Despite the Nigerian government's much-touted improved Ease of Doing Business ranking, Blair said the company has hit too many roadblocks in the West African country.
He said, "Quite frankly I'm not prepared to invest any further whether it's investment in time or in money into a country that is volatile as it is.
"In the early days we were making money but now we just came up against too many roadblocks, whether it's getting the money out, etc."
Before its entrance into the country, Mr Price had expected the Nigerian market to "support 50 to 100 stores" because of its population, currently estimated at over 200 million.
"The big one we need to open up is Nigeria," its then-CEO, Alistair McArthur, said in 2010.
Blair said on Thursday the company has already closed down four of its five stores in Africa's largest economy, with the last one set for closure in the coming months.
Mr Price similarly quit its operations in Australia and Poland in 2019.