PZ Cussons Nigeria Reaffirms Confidence in Nigerian Economy as it Marks 120 Years

PZ Cussons Nigeria Plc has reiterated its commitment to the Nigerian economy, noting that it will continue to invest in growing its business for better returns for its shareholders.
The company which is celebrating its 120 years in Nigeria said that it believes that the Nigerian economy has enormous potential, adding that it will continue to partner with the Federal Government for the development of the economy.

The company gave the assurances when its board and management, led by its Chief Executive Officer, Christos Giannopoulos, visited the Nigerian Stock Exchange (NSE) as part of the commemoration of the company’s 120 years anniversary in the country.
Giannopoulos reassured that PZ Cussons Nigeria which has been listed on the NSE for 58 years remained committed to growing its business and delivering better returns to shareholders.

“We are 58 years on the Nigerian Stock Exchange (NSE). We are here to stay, we are not going anywhere. Investors need to have confidence in our shares. We have in the region of 76,000 shareholders which we are expected to make returns to and they have been getting returns from consistent dividends declared by the company over the years that we have been listed,” Giannopoulos said.
The CEO added that the company’s future in Nigeria is bright as the country offers growth opportunities as the biggest economy in Africa with a population of over 190 million.

“We will continue to invest and expand on our capacity; we always upgrade our equipment so that we have the latest and produce best quality products. Let me assure our shareholders and other stakeholders, we are here and very strong though we are going through challenges right now, but the fundamentals of the company are extremely good. The financial results are positive and not negative,” Giannopoulos said.

He outlined that the company was focusing its investment in oil palm as a growth sector of the Nigerian economy, adding that it has made significant investments in capacity expansion in the last four years.
“Palm oil, for us, is very important. For me, it is, probably, number or number two biggest agricultural opportunity for Nigeria because the world started palm oil from Nigeria; the first fruit came from here.

We are working very closely with government and the Central Bank of Nigeria (CBN) to ensure that we find ways to fund small farmers for palm oil. So, we have been working together. We have already started a number of initiatives. It takes time, like three to five years to grow and start producing significant palm oil,” Giannopoulos said.

PZ Cussons’ revenue has come under pressure in recent years due to weak consumer demand following the recession of 2014 to 2017. The firm makes a wide range of consumer products which includes electrical appliances, personal and home care products, and dairy brands under the Nutricima business line which includes Nunu, Olympic and Coast milk brands as well as drinking yoghurt “Yo!”

May 24, 2019