The International Finance Corporation (IFC) has announced a proposed loan of up to $15 million equivalent in Nigerian naira to Justrite, one of Nigeria’s leading supermarket chains. This financing aims to accelerate Justrite’s ambitious expansion program, which includes the opening of 25 new stores across the country.
Founded in 2000 by Ayodele Patrick Aderinwale and Oluwatosin Temitayo Aderinwale, Justrite has grown into a household name in Nigeria’s retail sector, offering affordable products and convenient shopping experiences to millions of customers. The company’s expansion strategy reflects the growing demand for modern retail outlets in Nigeria’s rapidly urbanizing cities.
In 2022, Africinvest, a pan-African private equity firm, acquired a 40.4% stake in Justrite, signaling strong investor confidence in the retailer’s growth potential. Africinvest’s involvement has helped strengthen Justrite’s governance and operational capacity, paving the way for further institutional investment.
The proposed IFC loan will provide Justrite with the capital needed to scale its operations, enhance supply chain efficiency, and create jobs across Nigeria. The expansion is expected to improve access to quality consumer goods, support local suppliers, and contribute to economic development in underserved regions.
