Blue Chip company, PZ Cussons, has announced it would exit Africa’s business environment.
While speaking recently, the company said it has started a strategic review of its African businesses to exit Africa, partly due to Nigeria’s economic challenges.
PZ Cussons made it known that its sales in Nigeria reduced by 48% due to the naira devaluation and inflation.
The company’s CEO, Jonathan Myers, talked about the importance of looking towards the future while respecting the company’s past. He stated that the outcome of the review could include changes in ownership.
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.”
He stated that in addition to the economic challenges in Nigeria, the group is too complex for its size, with financial and human resources spread too thin to yield returns.
Myers revealed further that the company has received many approaches over the years, meanwhile, it has not indicated interest in selling its shares in the African consumer goods firm.
