New outlets of the mega store will be opened in the country

South African retailer, Shoprite, plans to spend up to 1.7 billion rand ($205 million) on securing new locations in Nigeria, its chief executive said on Tuesday.

Whitey Basson made the comment following the release of the company’s full-year results.

Shares of Shoprite were up nearly 2 percent to close at 159.34 rand on Tuesday.

Shoprite first entered Nigeria in December 2005, with the opening of the Palms shopping centre in Lekki, and has since opened stores in Surulere, Ikeja and Enugu.

This year, the supermarket opened its first mega store in the Federal Capital Territory (FCT), Abuja.

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