Nigerian supermarket chain Justrite, co-founded by Ayodele Patrick Aderinwale and his wife, could soon get a $15 million loan from the International Finance Corporation (IFC) to fund 25 new stores nationwide.
The financing would support store construction, equipment, job creation, and strengthen ties with local suppliers. If approved, it would be one of the largest development-finance commitments to Nigeria’s retail sector in recent years.
Since starting as a small neighborhood store in 2000, Justrite has grown into a familiar homegrown retail brand, serving urban and peri-urban communities that lack modern supermarkets.
The new funding could accelerate its expansion beyond the southwest, enhance logistics, cold-chain systems, and digital inventory tools, and further position Justrite as a scalable national retailer.
AfricInvest, which took a 40.4 percent stake in 2022, has already supported operational and procurement upgrades, preparing the chain for this next growth phase. The proposed IFC loan reflects renewed investor confidence in Nigeria’s consumer market after recent inflation and currency pressures.
