Unilever Nigeria has officially ceased production and sale of home care and skin cleansing products, as indicated in its unaudited interim financial statements for the year ended December 31, 2023.
This move comes ten months after the company announced its intention to exit both markets.
In an earnings report posted on the Nigerian Exchange Limited (NGX), Unilever Nigeria confirmed that production and sales of home care and skin cleansing products were terminated in December 2023.
As part of its exit strategy, the company has leased the factory, formerly used for manufacturing these products, to a third party for a duration of 10 years, with annual rental payments.
Unilever Nigeria’s decision to withdraw from the home care and skin-cleansing markets leaves the company focused solely on its foods, beauty and wellbeing, as well as personal care product lines.
The exit from these markets follows a period of declining revenue and increased losses for Unilever Nigeria. The company reported a 45.1 percent year-on-year decrease in revenue, dropping from N23.92 billion in 2022 to N16.48 billion in 2023. Simultaneously, losses surged to N3.72 billion in 2023, compared to N1.49 billion in the previous year.