PZ Cussons keeps African operations, eyes growth in Nigeria
PZ Cussons has announced it will retain its African operations, citing renewed optimism about Nigeria’s economic outlook and population growth. The company had previously considered selling its Africa business but decided to stay after a strategic review. Jonathan Myers, the CEO, highlighted that Nigeria’s improving economic indicators and rising middle class were key factors. The decision was shared in a statement released on June 6, 2024.
TLDR
- PZ Cussons will keep its African business after a strategic review, reversing earlier plans to sell.
- The company expects Nigeria’s population to grow by over 100 million in the next 25 years, boosting demand.
- Recent economic improvements in Nigeria led to double-digit revenue growth for PZ in the first half of the financial year.
- PZ Cussons sold its 50% stake in PZ Wilmar Limited for $70 million but will focus on core brands in hygiene, baby, and beauty.
- CEO Jonathan Myers said the decision strengthens the company’s balance sheet and positions it for long-term growth in Africa.
