PZ Cussons Shelves Africa Exit Plan, Cites Nigeria’s Economic Recovery, Growth Prospects

Consumer goods giant, PZ Cussons, has reversed its earlier plan to exit Africa, citing signs of economic recovery in Nigeria and strong long-term growth potential across the continent.

The British multinational announced the decision in a statement on Thursday following the conclusion of a strategic review of its Africa operations.

Recall that PZ Cussons had in April 2024 disclosed plans to review its African business amid rising operational costs and foreign exchange challenges. However, the company now said that it will retain and strengthen its presence across key African markets, including Nigeria, Ghana, and Kenya.

“The Board has, however, concluded that the greatest value for shareholders will be created by retaining the business and building a Group portfolio balanced between its developed markets of the United Kingdom and Australia/New Zealand and its emerging markets of Indonesia and Nigeria,” the company stated.

As part of the review, the group confirmed the sale of its 50 per cent equity interest in PZ Wilmar Limited, a joint venture in Nigeria’s edible oils segment, to its partner Wilmar International Limited for $70 million. Despite receiving “significant levels of interest” from potential buyers for its wider African portfolio, PZ Cussons opted to stay.

The company cited the continent’s growing population and improving economic outlook as key factors behind the decision.

“The strategy is based on the significant long-term opportunity in Africa, where the population is forecast to grow by more than 900 million over the next 25 years, representing over half of total global population growth,” the statement read.

“Nigeria’s population alone is forecast to increase by over 100 million, further benefitting from urbanisation and rapidly growing middle classes. Recent economic and currency trends have been more favourable, supporting double-digit revenue growth in our Africa business in the first half of the financial year.”

The company expressed confidence in its ability to thrive in Africa’s competitive consumer goods landscape, especially after several multinationals have withdrawn in recent years.

“The Board is confident that PZ Cussons is well placed to succeed through leveraging local insights and its brand heritage,” it noted. “Nearly 80 per cent of Nigeria’s revenue is generated from brands holding #1 or #2 positions in their categories.”

The firm outlined three strategic pillars for its Africa business going forward: core growth, category expansion, and Pan-Africa growth.

The core growth strategy focuses on strengthening operations in Nigeria, Kenya, and Ghana through stronger brand building, expanded distribution, improved revenue management, and enhanced digital engagement. According to the statement, PZ Cussons has doubled the number of directly served stores in Nigeria since FY22, contributing significantly to recent growth.

The category expansion pillar targets entry into adjacent sectors such as men’s grooming and beauty, leveraging popular brands like Venus, Imperial Leather, and Premier.

The Pan-Africa growth plan aims to extend operations into new markets using Nigeria and Kenya as regional hubs.

PZ Cussons’ Africa operations generated £141 million in revenue and £16 million in adjusted operating profit in the 2025 financial year, representing 27 per cent and 30 per cent of the Group’s totals, respectively.

Following the sale of its PZ Wilmar stake, the company’s African portfolio now includes Family Care and Electricals in Nigeria, and Family Care operations in Ghana and Kenya. PZ Cussons holds a 73.3 per cent stake in PZ Cussons Nigeria Plc.

Headquartered in Manchester, United Kingdom, PZ Cussons manufactures and markets household, personal care, and beauty products.