BUSINESS PERFORMANCE

Unilever Nigeria delivers improved performance despite tough market

By our African Marketing Confederation News Team | 2025

Decision in 2023 to discontinue operations in its homecare and skin-cleansing categories helps local subsidiary’s performance in 2024.

Despite a difficult economic climate in Nigeria that has seen many multinational FMCG businesses leave the country, Unilever Nigeria increased its revenue by 44% and gross profit by 74.6% in the last financial year.

Photo credit: Unilever

This is according to the company’s interim financial statement for the year ending 31st December 2024, which was released last week. Unilever is the oldest manufacturing company in Nigeria and has a brand portfolio which includes Knorr seasoning and stock cubes, Closeup toothpaste and Royco soup. 

 

The financial statement shows that revenue for the period under review rose by 44.2% to US$99-million (₦149.8-billion), up from $69-million (₦103.9-billion) for the previous period.  

 

Gross profit increased by 74.6% to $37-million (₦55.7-billion), up from $21-million (₦31.9-billion) in the previous period. 

 

Decision to discontinue some operations seems to have paid off 

 

“The decision in 2023 to discontinue operations in its homecare and skin-cleansing categories, and increased net finance income in 2024, meant net profits rose by 89.3% year on year,” reports Trendtype, the emerging markets consultancy. 

 

“Our year-on-year sustained growth trajectory is a testament to our commitment of serving consumers with our best brands to meet their daily needs of improved health and hygiene,” comments Unilever Nigeria Managing Director, Tobi Adeniyi. 

 

“While we are pleased with our performance progress riding on the pillars of operational efficiency, cost optimisation, purposeful brands and increasing market share across key categories, we are committed to growing our business to enhance our socio-economic impact in the country.”  

 

Unilever began trading soap in Nigeria in 1923 through its predecessor, Lever Brothers (West Africa) Ltd. The company later started to sell food and laundry products, introducing Omo in 1960 and opening a production facility to manufacture the popular laundry brand locally in 1964. 

 

The business changed its name to Unilever Nigeria plc in 2001.

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.