Unilever Nigeria has announced plans to exit its home care and skin cleansing markets business for sustained profitability.
The company disclosed this in a corporate notice to the Nigerian Exchange Limited and investing public which was signed by Abidemi Ademola, the company secretary.
Unilever Nigeria said in the notice that the company will make changes to its business model in order to accelerate growth and sustain profitability while enhancing its ability to meet consumer needs.
It said: “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.
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“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,” Unilever Nigeria said.
The company added 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.
“The company will in due course review the optimal treatment of redundant resources and assets in accordance with due process,” It said.
