Fast Moving Consumer Goods, Unilever Nigeria, has said that it will be exiting the home care and skin cleansing markets to reposition its business for sustained profitability.
This was revealed in a corporate notice to the Nigerian Exchange Limited and signed by its Company Secretary, Abidemi Ademola.
The company said that it was changing its business model to accelerate the growth of the company and meet the needs of consumers, shareholders, and employees better.
Part of the statement read, “This 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 digitise and simplify processes; and focusing more on business continuity measures that reduce exposure to devaluation and currency liquidity in our business model.”
The company added that its exit of these two categories over 2023 was envisaged to result in the overall improvement in profitability, growth and a more sustainable business.