Unilever Nigeria has said that it plans to make changes to its business model in order to accelerate growth and sustain profitability while enhancing its ability to meet consumer needs.
Part of the strategic realignment will entail repurposing its portfolio while putting in place
measures to make the business more efficient and future fit.
Specifically, the company says it will be exiting the home care and skin cleansing markets to reposition its business for sustained profitability.
The company made this known in a corporate filing with Nigerian Exchange Limited which was signed by the General Counsel and Company Secretary, Abidemi Ademola. It had the title, “Unilever Nigeria repositions for sustained profitability.”
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.
“The exit of these two categories over 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. business.
“The Company will in due course review the optimal treatment of redundant resources and assets in accordance with due process.”
The new changes will be presented to shareholders of the company at its next annual general meeting for approval.
