Consumer goods giant PZ Cussons has reaffirmed its long-term commitment to Nigeria, citing recent economic and currency reforms as key factors behind its decision to retain and expand its Africa operations.
The announcement follows the conclusion of a strategic review launched in April 2024 to evaluate the future of the Group’s Africa portfolio. Although the company received multiple offers from potential buyers, the Board said the bids did not reflect the true value of its Nigerian-led Africa business.
Nigeria Remains the Growth Engine
Nigeria—home to some of PZ Cussons’ strongest-performing brands across hygiene, baby care, beauty and home care—will anchor the company’s renewed Africa growth strategy. The Group reported double-digit revenue growth in the first half of FY26, driven largely by improvements in economic stability and foreign exchange conditions.
The company also noted that its Nigerian distribution network has more than doubled the number of directly served stores since FY22, significantly boosting market reach. Nearly 80% of PZ Cussons’ Nigeria revenue comes from brands ranked No. 1 or No. 2 in their categories.
New Investments and Category Expansion
PZ Cussons plans to deepen its presence by expanding into new product adjacencies such as Men’s Grooming and Beauty, using established brands like Imperial Leather, Premier and Venus. Nigeria and Kenya will serve as operational hubs for wider pan-African expansion.
Stronger Safeguards Against Market Volatility
To manage the risks traditionally associated with doing business in Nigeria, the Group has introduced new financial and operational “guardrails” focused on foreign exchange management and cash utilisation. These measures will be monitored at every Board meeting to ensure stability.
Ongoing Portfolio Optimisation
While retaining its Africa business, PZ Cussons will proceed with the sale of about £7 million in additional non-core assets in Nigeria and other African markets this financial year. This follows the earlier divestment of its 50% stake in PZ Wilmar—its edible oils joint venture in Nigeria—for $70 million.
CEO: Reforms Boost Confidence in Nigeria
Chief Executive Officer Jonathan Myers said the company’s renewed confidence in Nigeria is strongly tied to improved fiscal and monetary reforms.
“With a more stable economic environment in recent months and positive government reforms, momentum in our Africa business—especially Nigeria—is strong,” Myers said. “Given our heritage, brand leadership and operational scale, we believe we are well-positioned to win in this market of great opportunity.”
Nigeria Central to PZ Cussons’ Future
Africa contributed £141 million in revenue to the Group in FY25, with Nigeria accounting for the largest share. PZ Cussons holds a 73.3% stake in PZ Cussons Nigeria Plc.
