Daily Archives: July 24, 2019

PZ Cussons to sell-off non-core brands and simplify its Nigerian business amid revenue and profits decline

British-based PZ Cussons Plc said it will sell-off non-core brands and simplify its Nigerian business following a 6.8% decline in full year revenue to £689.4 million from £739.8 in the previous year. Pre-tax profits fell 37.5% to £37.0 million, compared to £59.2 million it earned in the previous year.

The group said that macro-conditions in Nigeria were to blame for its poor performance. “A sustained lack of liquidity at both consumer and trade level has resulted in a significant contraction in the size of the market, resulting in lower volumes, prices and margins,” it said.

CBN move on milk imports, not a blanket ban but Forex restriction, says new report

The Central Bank of Nigeria (CBN) has said it will soon place foreign exchange (forex) restrictions on milk importers into the country.

Speaking to reporters at the end of the bi-monthly Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, CBN Governor, Godwin Emefiele expressed sadness that the country spends between $1.2bn and $1.5bn on milk imports yearly.

“We can no longer continue to spend close to $1.2bn to $1.5bn, importing milk into the country, a product we can produce. To some extent, they (milk importers) should help us also to reduce the rate of herders, farmers conflict,” he said.