One of the foremost Fast Moving Consumer Goods (FMCG) giant, Unilever Nigeria is set to exit the home care and skin category markets in Nigeria as the information was made known in a corporate notice to the Nigerian Exchange Limited by the Company Secretary, Abidemi Ademola.
This move is not unconnected to sustainability, according to sources the change in business model would help to accelerate the growth of the company and meet the needs of consumers, shareholders, and employees better.
The changes were amongst the resolutions approved by the Board of Directors of Unilever at its meeting held on 16 March, 2023, at the corporate head office 1 Billingsway, Lagos, Nigeria.
“The changes will involve: Repurposing the portfolio by exiting the Home Care and Skin Cleansing categories to concentrate on higher growth opportunities.
“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.”
Exiting these two categories in 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, according to sources.