Nigerian supermarket chain Justrite is gearing up for nationwide expansion as the International Finance Corporation (IFC) evaluates a $15 million loan to fund 25 new stores across the country.

The financing is set to support store construction, equipment upgrades, digital inventory systems, and job creation, while strengthening ties with local suppliers.

Analysts note that this investment could boost local manufacturing and provide a platform for small and medium enterprises to reach more consumers.

From neighborhood store to homegrown retail leader

Founded in 2000 by Ayodele Patrick Aderinwale and his wife, Justrite has grown from a single neighborhood outlet into one of Nigeria’s leading homegrown supermarket brands.

AfricInvest, which acquired a 40 percent stake in 2022, has already helped modernize operations in preparation for this expansion.

Nigeria’s supermarket sector: opportunities and challenges

Supermarket retail in Nigeria has steadily grown, but the sector faces headwinds. International chains like Shoprite, alongside local competitors, continue to contend with high import costs, logistics hurdles, and inflation.

Yet, homegrown brands such as Justrite are carving out a niche by serving urban and peri-urban communities often underserved by modern retail.

Potential impact of IFC funding

If approved, the IFC loan could transform Nigeria’s retail landscape. Justrite would expand beyond the southwest, enhance cold-chain systems, and strengthen digital and logistical capabilities.

Observers say the move could increase access to quality goods, create thousands of jobs, stimulate the local economy, and reinforce the country’s retail infrastructure.

Driving growth and resilience

This planned expansion highlights the supermarket sector’s potential to drive economic growth, support local businesses, and build a resilient retail ecosystem despite existing market challenges.