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Unilever Nigeria puts up business for sale over naira devaluation



Unilever posts N4.224bn loss amidst revenue crunch

Unilever Nigeria has concluded plans to exit the Home Care and Skin Cleansing market by selling its business segment.

In a statement sent to Ripples Nigeria on Monday, Unilever said it would do away with the Home Care and Skin Cleansing business to focus on other businesses like the food product to reduce exposure to devaluation and currency liquidity.

The development, according to the company, will accelerate its growth and sustain profitability.

The statement read: “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. The 100-year-old consumer goods company will repurpose its portfolio while putting in place measures to make the business more efficient and future fit.

“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.

READ ALSO: Unilever loses 64.51% revenue, investors part ways with firm

“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 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 Plc Business.”

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