There are indications that PZ Cussons Plc may leave Africa after sales plunged in its Nigeria operation.
PZ Cussons has put its Africa business under review, potentially pivoting away from the region in which it was founded to invest in its remaining business and pay down debt, Bloomberg reports.
The company's shares rose five per cent on April 24, 2024, but down 50 per cent over the past 12 months. In Nigeria, the company sells a range of products including Morning Fresh dishwashing liquid, refrigerators and cooking oil. The devaluation of the naira means sales fell sharply in pound terms. It also stoked inflation which has hit consumers' purchasing power.
Meanwhile, challenges faced by local and multinational manufacturers in Nigeria have been power crisis, constant devaluation of naira, forex availability and stringent government policies.
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