Unilever Nigeria restructures to reduce exposure to naira devaluation, liquidity

UNILEVER Nigeria Plc has announced that it would stop producing home care and skin cleansing products as it makes efforts to reposition its business model so as to “accelerate growth and sustain profitability while enhancing its ability to meet consumer needs.”

In a notice to the Nigerian Exchange (NGX) Limited, the Fast-Moving Consumer Goods (FMCG) firm said the exit from the two markets would happen this year.

According to the company, this action is expected to result in an overall improvement in profitability, growth and a more sustainable business.

“The exit of these two categories over 2023 will boost the vision to make Unilever Nigeria great, building on the impressive progress made in other key aspects of the business, and is envisaged to result in an overall improvement in profitability, growth and a more sustainable Unilever Nigeria business,” a part of the statement signed by the company secretary,” Abidemi Ademola said.

The firm further explained that “These changes will reposition the company to better meet the needs of consumers, shareholders, and employees.

“This will involve repurposing the portfolio by exiting the Home Care and Skin Cleansing categories to concentrate on higher growth opportunities, strengthening business operations with measures to digitize and simplify processes, and focusing more on business continuity measures that reduce exposure to devaluation and currency liquidity in our business model.”

READ ALSO FROM NIGERIAN TRIBUNE 

• INEC postpones governorship, state assembly elections

• How weak online banking frustrates cargo clearance at Lagos ports

• 19,000 unclaimed NYSC exemption certificates: LASU gives owners final collection deadline

• From Qatar, Buhari goes to Daura for State elections

• Court sacks Benue LP’s deputy guber candidate

• EDITORIAL: Making cash freely available