Contrary to social media speculations that a leading Fast-Moving Consumer Goods Company (FMCG) firm PZ Cussons is exiting Nigeria, the company has said it has no immediate plans to do so.
“We are not leaving Nigeria,” said company’s spokesman Tahir Mohammed.
“You have witnessed our investments across the country, so it is not true that we are leaving the country,” Mohammed said.
A national newspaper had fuelled social media tweets today through its report of PZ Cussons’ situation in Africa’s biggest market.
The report had quoted PZ Cussons Plc as complaining about macroeconomic conditions in Nigeria.
But Mohammed said the company is celebrating 120 years of existence and cannot be exiting at this point from Nigeria.
PZ Cussons Nigeria Plc is a publicly listed company that produces and distributes detergents, toiletries, soaps and home appliances.
PZ Cussons has a joint venture partnership with Wilmar International aimed to develop the country’s depleted palm oil industry.
Santosh Pillai, managing director of PZ Wilmar, told BusinessDay last year that PZ Wilmar was committed to the development of palm oil industry in Nigeria, stating it had invested approximately $150 million in palm oil plantations in Cross River State alone.