It is just the beginning of the year and several businesses have either shut down or exited Nigeria. On the list of businesses that have already shut down are Careers24 and Deal Dey. We are yet to get over this, another business is closing shop and it is Nigerian online grocery startup-Gloo.ng.
The founder of Gloo.ng, Olumide Olusanya, made the announcement on Twitter that the startup winding down. He wrote: “Fellows, listen up! We’ve BIG news coming out of @Gloo_ng next month! We’ll be shutting down our ecommerce business & will be launching a new business we’ve built past 18months in stealth! Ahead of that time, we’ll be selling off our inventory @ 50% discount! Stay tuned!
Olusanya added that he will be launching a new business he has been working on for the last 18 months.
Although he did not give details about the new venture, it was obvious from his tweets that he is exiting the eCommerce which is dominated by Jumia.
The reason for businesses shutting down may be due to Nigeria’s economic situation or because of the fierce competition in Nigeria’s eCommerce space. Whatever the case maybe, the tides of business es shutting down must be halted!