Unilever Nigeria Plc has declared that it will stop the production of Omo, Sunlight, and Lux home care brands over inability to sustain operations in the country.
Unilever made this known via its recently released 2022 audited annual report.
“On 17th March 2023, Unilever Nigeria Plc announced changes in its business model to exit Homecare and Skin Cleansing categories.
“These categories are margin dilutive and the exit is part of the company’s aim to make its operation in Nigeria competitive and profitable,” the company noted.
READ ALSO: South Korea fines Google $32m for blocking games
It stated that the exit of the products 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,” Unilever added.
The company said in a statement in March it would end its homecare and skin-cleansing businesses “to concentrate on higher growth opportunities.”
The company, which has been facing a torrid time in accessing foreign exchange in Nigeria, since the pandemic lockdowns depleted the nation’s dollar earnings from oil sales, noted that it would be prioritising “business continuity measures that reduce exposure to devaluation and currency liquidity”.
- Labour rejects FG’s N54,000 new minimum wage proposal - May 21, 2024
- Court jails varsity student for internet fraud - May 21, 2024
- Coach Pochettino leaves Chelsea - May 21, 2024
