Hotel and gaming group Sun International is the latest South African business to pull out of Nigeria. The company cited weak economic growth and clashes with regulators as their key reasons for the decision.
Sun International is another South African company to clash with Nigerian authorities after telecoms group MTN was fined for failing to disconnect users with unregistered SIM cards.
Sun International’s decision to exit Nigeria follows food and clothing retailers, Woolworths and Truworths, as well as Tiger Brands, who sold its loss-making Nigerian division to Dangote Industries.
Reporting poor first half results, the company said tough economic conditions and general negative sentiment in its home market of South Africa resulted in revenue growth at its casinos of only 0.8 percent.