One of the leading Fast-Moving Consumer Goods (FMCG) firms, Unilever Nigeria Plc, has revealed that its exit from the home care and skin cleaning segments will only effect three brands.
The brands are OMO, Sunlight, and Lux, according to a statement from the firm.
It explained that the decision to discontinue production was made to accelerate the organisation’s growth and sustain profitability.
Unilever Nigeria declared last week that it was revamping its business model to focus “more on business continuity measures that reduce our business model’s exposure to devaluation and currency liquidity”.
Nigeria’s business environment has been extremely harsh, with many organisations and individuals this year contending with a crushing cash crunch induced to a large extent by the cashless policy and the redesign of the N200, N500 and N1,000 banknotes by the Central Bank of Nigeria (CBN).
Meanwhile, Unilever Nigeria posits that selling its home care and skin cleansing portfolios would allow management to “concentrate on higher growth opportunities”.
“All businesses must adapt to changing market conditions, and now is the right time for us to reposition Unilever Nigeria Plc to better meet the needs of our consumers, shareholders, and employees.
“We are a truly Nigerian company and the country’s oldest serving manufacturer.
“By making these changes, we will unleash the sustained and profitable growth we need to be here for the next 100 years,” the company’s Managing Director, Mr. Carl Cruz.
He went on to say that Unilever Nigeria was repurposing its portfolio by gradually exiting two categories, home care and skin cleansing, affecting only three brands (OMO, Sunlight, and Lux).
He brimmed with optimism that the company better positioned to drive the rest of its brand portfolio for future growth and strengthen business operations through digitization and process simplification.
Analysts project that Unilever Nigeria faces stiff competition in the business sectors it is entering, despite the fact that its products are market leaders in the area.
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