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”.
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for…
President Bola Tinubu has directed the Federal Ministry of Industry, Trade and Investment, through the…
The naira, on Wednesday, May 15, 2024, appreciated at the official market, trading at N1,459.02…
Gboyega Soyannwo, the Deputy Chief of Staff to Lagos State Governor Babajide Sanwo-Olu, has died.…
The Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) have rejected…
The Peoples Democratic Party (PDP) presidential candidate in the 2023 election, Atiku Abubakar, has condemned…
This website uses cookies.