IFC weighs $15m loan for Ayodele Aderinwale’s Justrite expansion

Justrite, the Nigerian supermarket chain founded by Ayodele Patrick Aderinwale and his wife, is set for a new step in its expansion as the International Finance Corporation (IFC) considers a naira-equivalent loan of up to $15 million to support the rollout of additional stores across the country.

The proposed financing, listed in IFC’s investment pipeline, would help the retailer open 25 new outlets in an expansion set to take Justrite beyond its southwestern base. Since opening as a small neighborhood store in 2000, Justrite has grown into one of Nigeria’s most familiar homegrown retail brands, bringing organized retail to urban and fast-growing peri-urban communities that lack access to modern supermarkets.

Catalyzing a new phase of growth

According to details in the filing, the funding would support new store construction, equipment purchases, job creation, and a stronger link with local suppliers whose products fill most of the chain’s shelves. If approved, the IFC loan would be one of the most significant development-finance commitments to Nigeria’s formal retail industry in recent years. 

Retailers across Nigeria have faced rising power, logistics and working-capital costs, pressures that worsened after fuel and electricity prices jumped in 2022. Justrite’s energy expenses surged during that period, pushing the chain to install solar systems and make energy-saving upgrades at select stores. The IFC facility is expected to support and expand these efforts.

Strengthening supply chains and retail standards in a competitive landscape

Opening 25 new stores will require improvements in logistics, warehousing, cold-chain systems, and digital inventory tools. 

AfricInvest has worked with Justrite’s management on procurement and operational upgrades since its 2022 investment, when the Tunisia-based investor partnered with Justrite in a 40.4 percent stake deal, bringing about growth and strengthened governance as the company prepared to scale more aggressively.

Nigeria’s fast-growing population is fuelling demand for accessible retail, yet the formal sector remains fragmented and largely overshadowed by informal markets.

From family-owned storefront to national retail contender

Aderinwale, a longtime entrepreneur and former deputy director of the African Leadership Forum, built Justrite with his wife from a single storefront. AfricInvest’s investment signalled rising investor interest in indigenous retail brands, and IFC’s proposed financing would mark another milestone.

If the 25-store rollout proceeds as planned, industry observers say Justrite could become one of Nigeria’s most scalable supermarket chains, with room for further private-equity funding or regional ambition. While IFC’s loan is still under review, its presence in the pipeline reflects renewed interest in Nigeria’s consumer market after two difficult years of inflation and currency pressure.