Connect with us

Business

Another Multinational Giant Set To Leave Nigeria, Africa After 140 Years, Blames Naira Devaluation

Published

on

at

PZ Cussons has announced it’s intention to exit Africa’s business environment.

Speaking on Wednesday, April, 24, the company said it has begun a strategic review of its African businesses to exit Africa, partly due to economic challenges in Nigeria.

PZ Cussons explained that its sales in Nigeria plunged by 48% due to the naira devaluation and inflation.

The CEO of the company, Jonathan Myers, stressed the importance of looking towards the future while respecting the company’s past, stating that the review’s outcomes could include changes in ownership.

Advertisement

Myers said, “The macro-economic challenges and complexities associated with operating in Nigeria are significant, and there is much more to do to unlock the full potential of the business.

“As such, we have undertaken a strategic review of our brands and geographies and have embarked on plans to transform our portfolio, refocusing on where the business can be most competitive.”

The company’s CEO said that in addition to the challenges of the exposure in Nigeria, the group is too complex for its size, with financial and human resources spread too thin to generate returns.

Advertisement

Speaking further Myers stated that the company has received several approaches over the years, however, it is yet to indicate interest in selling its shares in the African consumer goods firm.