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After 140 years, PZ Cussons announce intention to leave Nigeria
Jonathan Myers, the company’s CEO, emphasised the significance of honouring the company’s history while looking to the future, adding that ownership changes may be one of the review’s conclusions.
PZ Cussons has declared its desire to leave the business climate in Africa.
Speaking on Wednesday, April 24, the corporation stated that, in part because of Nigeria’s economic difficulties, it has started a strategic assessment of its African operations with the goal of leaving the continent.
According to PZ Cussons, the depreciation of the naira and inflation caused a 48% decline in the company’s sales in Nigeria.
Jonathan Myers, the company’s CEO, emphasised the significance of honouring the company’s history while looking to the future, adding that ownership changes may be one of the review’s conclusions.
Myers said, “The macro-economic challenges and complexities associated with operating in Nigeria are significant, and there is much more to do to unlock the full potential of the business.
“As such, we have undertaken a strategic review of our brands and geographies and have embarked on plans to transform our portfolio, refocusing on where the business can be most competitive.”
The company’s CEO said that in addition to the challenges of the exposure in Nigeria, the group is too complex for its size, with financial and human resources spread too thin to generate returns.
Speaking further Myers stated that the company has received several approaches over the years, however, it is yet to indicate interest in selling its shares in the African consumer goods firm.
