<h4>Harsh Business Environment</h4>
<p><strong><a href="https://openlife.ng/">OpenLife Nigeria</a></strong> reports that Unilever Nigeria says it has stopped production and sales of home care and skin cleansing products — 10 months after the company announced plans to exit both markets.</p>
<p>The company disclosed this in its unaudited interim financial statements for the year ended December 31, 2023, published on the Nigerian Exchange Limited (NGX) on Wednesday.</p>
<p>On March 17, 2023, Unilever Nigeria revealed its intention to discontinue production of its homecare and skin-cleansing brands, which include Omo, Sunlight and Lux.</p>
<p>In a statement in the company’s earnings report, Unilever Nigeria said production and sales “ceased in December 2023”.</p>
<p>Unilever said the factory used to produce the home care and skin cleansing products has been leased out to a third party.</p>
<p>“Subsequent to the company’s exit from the Home Care and Skin Cleansing categories, the factory buildings have been leased to a third party for a duration of 10 years, with annual rental payments,” the company said.</p>
<p>Unilever Nigeria’s exit from the homecare and skin-cleansing markets leaves the company with just the foods, beauty and wellbeing, as well as personal care products.</p>
<p>Prior to Unilever Nigeria’s exit from both markets, the company reported a decline in revenue and an increase in losses.</p>
<p>Revenue fell by 45.1 percent year-on-year to N16,48 billion in 2023, from N23,92 billion grossed between January to December 2022.</p>
<p>Also, loss increased to N3.72 billion last year, compared to the previous year’s N1.49 billion.</p>
<p><a href="https://www.vanguardngr.com/">Notably, many manufacturing companies have halted their operations in Nigeria in the last 10 years over worsening macroeconomic challenges</a>.</p>
<p>Lingering foreign exchange scarcity, poor power supply, port congestion, multiple taxation, insecurity, and poor infrastructure, among others have taken a toll on many businesses in the country.</p>
<p>High energy costs, a slowdown in industrial output, and a sluggish demand for products are also among the issues debilitating manufacturing activities in Nigeria.</p>
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