Foremost Fast Moving Consumer Goods (FMCG) giant, Unilever Nigeria, has announced it’s exiting the home care and skin cleansing markets.
Unilever Nigeria making this known in a corporate notice to the Nigerian Exchange Limited and signed by its Company Secretary, Abidemi Ademola, said it’s existing the home care and skin cleansing markets is to reposition its business and sustain profitability.
According to Unilever, the change in business model is to accelerate the growth of the company and meet the needs of consumers, shareholders, and employees better.
The changes were amongst the resolutions approved by the Board of Directors of Unilever at its meeting held on 16 March, 2023, at 1 Billingsway, Lagos.
“The changes 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.”
The company argued that 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 overall improvement in profitability, growth and a more sustainable Unilever Nigeria plc. business.
