PZ Cussons has dramatically reversed its previous plans to strategically review and potentially sell its Africa operations, announcing ambitious growth plans for the continent, with a strong focus on Nigeria.
The company had signaled in April 2024 its readiness to sell its 50% equity stake in non-core edible oils business, PZ Wilmar Limited. However, following a comprehensive review of the entire Africa portfolio, the Board concluded that offers received “did not reflect the inherent value of the business.”
Nigeria: The Anchor of Growth
The decision to retain the business is anchored on the significant long-term opportunity in Africa, specifically citing Nigeria’s booming consumer base.
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Demographic Dividend: Nigeria’s population is forecast to increase by over 100 million in the coming decades, benefiting from rapid urbanization and a growing middle class.
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Economic Stability: Recent economic and currency trends have been “more favourable,” supporting strong, double-digit revenue growth in the Africa business during the first half of the financial year.
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Operational Strength: A major contributor to recent success is the fact that the Nigerian business has more than doubled the number of stores it serves directly since FY22.
Building on Heritage and Market Leadership
Jonathan Myers, CEO of PZ Cussons, confirmed the strategic confidence: “Africa is a market of great opportunity… given the strength of our brands and operational capabilities, we are well-placed to win over the longer term.”
The company plans to build on this performance and extend its category leadership, noting that nearly 80% of its revenue in Nigeria already comes from brands holding #1 or #2 market positions.
PZ Cussons will also expand into new category adjacencies, including men’s grooming and beauty, leveraging established brands such as Venus, Imperial Leather, and Premier. The retention ensures the group portfolio maintains a balance between its developed markets (UK and ANZ) and its key emerging markets (Indonesia and Nigeria).
