Retail Supermarkets Nigeria Limited (RSNL), the operator of Shoprite supermarkets in Nigeria, has announced fresh investor backing that underscores confidence in the company’s future and its long-term commitment to the Nigerian market.

In a statement yesterday, RSNL stated that the investment provides the capital base to accelerate Shoprite’s turnaround strategy and marks a renewed phase of growth for Nigeria’s leading supermarket operator.

The company acknowledged that the past period “has been challenging for the wider retail sector in Nigeria, with rising costs and liquidity pressures affecting operations.”

The company however stated that it began a process to address the pressure and was now firmly focused on delivering its turnaround strategy with the support of its new investors.

As part of this renewed phase, “RSNL is meeting past and present obligations to suppliers, reinforcing long-standing partnerships built on trust, and focusing on partnerships with Nigerian entrepreneurs to fully localize its supply chain. The company added that its priority was to ensure that its customers continue to enjoy affordable, high-quality products.

“RSNL is also driving efficiency and operational discipline — expanding local sourcing, with over 80 percent of its assortment already produced in Nigeria, introducing affordable private label products and value pricing, and investing in energy optimization, productivity improvements, and modern store formats tailored to Nigerian shoppers.”

Chief Strategy Officer at RSNL, Bunmi Cynthia Adeleye, was quoted to have said: “Honestly, the past months have been quite challenging for most Nigerian businesses, including ours. However, we are very confident that – with fresh investor backing, we are rebuilding Shoprite to be more local, culturally relevant, more affordable, and more resilient. We are coming back bigger and stronger to serve Nigerian customers better than ever before.”

According to the statement, “Shoprite remains committed to Nigeria and to the millions of customers and suppliers who have stood by the company. The company will continue to be part of Nigeria’s retail story, not as an exit, but as a turnaround built on resilience, investment, and partnership.” (THISDAY)