PZ Cussons still firmly believes in Nigeria’s long-term prospects. The company has been doing business in Nigeria since 1899, and it accounts for 40% of its sales. PZ Cussons is trying to attract international suppliers to establish a presence in Nigeria. According to the Chief Executive Officer, Mr. Christos Giannopoulos of PZ Cussons Nigeria Plc, the country is not fully utilising the raw material available in the country.
This is creating an overdependence on imports, increasing additional costs for local manufacturers and adding additional pressure on Nigeria’s currency. PZ Cussons reported in March that they pay 70% more for their dollars, than the official exchange rate.