Nigeria Woes Force PZ Cussons to Rethink Africa Operations

 PZ Cussons Plc, a British soap maker, may be leaving Africa due to a significant decline in sales in its Nigerian operation.

 The company has put its African business under review, considering a pivot away from the region where it was founded 140 years ago.

 This move aims to invest in its remaining business and reduce debt. Despite having annual sales of around £500 million, the company faces challenges in Nigeria, including a 48% decline in sales over the past year. 

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CEO Jonathan Myers stated, "We have to have an eye on the future as well as a respect for the past. There could be many permutations of the outcome, which could include a change in ownership. We are going to be objective and not emotional in how we make this decision."

 The company plans to focus on branded baby products, beauty, and hygiene items, and is considering selling its fake tan brand, St. Tropez, which could be worth £100 million. 

PZ Cussons faces difficulties in Nigeria, including the devaluation of the naira, inflation, and regulatory challenges.

 The company's shares rose 5% on April 24, 2024, but have declined 50% over the past 12 months.