PZ Cussons Nigeria is ending a three-year lull in dividend payment to distribute N9.9 billion to shareholders as its retained earnings swung back to positive for the first time since taking a hit in 2023.

In a corporate disclosure on Monday, the local subsidiary of Manchester-based consumer goods producer PZ Cussons detailed a proposal to pay a N2.50 dividend per share for the year ended 31 May 2026, fixing the qualification date for 9 October and payment for the 30th of the same month.

The compensation package also offers an alternative of receiving shares instead of dividends to those who prefer increasing their existing holdings in the company to taking immediate cash rewards.

Either way, both options require shareholders’ assent at the next annual general meeting in October for the board to further the plan.

“The reference share price for the purpose of determining the number of shares due to qualifying shareholders who elect for the share option will be a ten-day trading average of the company’s share price on the floor of” the NGX starting on 12 October, PZ Cussons said in the document.

The company last paid a dividend in 2022, having been largely incapacitated by a sweeping foreign exchange loss that tipped its accounts into a N90.3 billion net loss in 2024.

READ ALSO: PZ Cussons’ annual profit quickens by 298% as asset disposal boosts earnings

That year, PZ Cussons, like many manufacturers in Nigeria that rely on raw material imports for most of their operations, reported an FX loss of N157.9 billion after major devaluations of the naira, beginning from 2023, wore away over 70 per cent of its value, compared to the dollar.

Retained earnings, from which companies pay dividends, have been in the red since 2024, only turning positive in the year under review, thanks to a 349 per cent surge in profit to N45.2 billion.

Proceeds from asset disposal totalling N38.7 billion drove the profit rise.

Turnover in the review period scaled up by 22.5 per cent to N260.5 billion on account of improved sales from its home and personal care products division.

Nigeria and Thailand are seeking to deepen bilateral cooperation in technology, agriculture, commerce and renewable energy, with both countries identifying opportunities for stronger economic and technical collaboration.

The renewed push for cooperation followed a meeting between Vice President Kashim Shettima and a Thai delegation led by Deputy Prime Minister and Minister of Foreign Affairs Sihasak Phuangketkeow at the Presidential Villa in Abuja.

The Nigerian government said the meeting provided an opportunity for both countries to review their existing relationship and expand bilateral cooperation beyond traditional trade.

Shettima highlighted agriculture, information and communications technology (ICT), renewable energy and solid minerals as priority areas where Nigeria could work more closely with Thailand.

The Vice President also pointed to Nigeria’s large consumer market, youthful population and workforce as advantages that could make the country an attractive destination for Thai businesses and investors.

He encouraged Thailand to deepen its engagement with Nigeria as a strategic economic partner in Africa, according to the Nigerian government.

Technology cooperation takes centre stage

Technology and ICT are emerging as important components of the proposed cooperation, as both countries seek practical avenues for knowledge exchange, technical capacity building and economic development.

For Nigeria, deeper technical engagement with Thailand could support skills development, technology transfer and the adoption of solutions in sectors where Thailand has built experience.

The cooperation could involve government institutions, private-sector companies, research organisations and technical agencies, potentially creating channels for joint projects, knowledge exchange and capacity development.

The discussions also build on a Memorandum of Understanding (MoU) on Technical Cooperation signed by Nigeria and Thailand on August 25.

The agreement is designed to strengthen collaboration in areas including skills development, technology transfer and sustainable development, providing a framework for broader technical engagement between the two countries.

Thailand proposes Africa initiative

Thailand also proposed a Thailand-Africa Initiative aimed at strengthening economic and people-to-people relations between Thailand and African countries.

The initiative is expected to place particular emphasis on economic cooperation and sectors where Thailand has relevant expertise.

Nigeria’s position within Africa gives it particular importance in Thailand’s strategy. Thailand has identified Nigeria as a strategic partner and a potential gateway for stronger economic relations with the continent.

For Nigeria, the relationship offers an opportunity to draw on Thailand’s experience in areas including agriculture, technology and tourism while creating new opportunities for investment and commercial partnerships.

Agriculture and renewable energy opportunities

Agriculture was among the sectors highlighted by Shettima as an area with significant potential for bilateral cooperation.

Thailand has extensive experience across agricultural production, processing and related value chains, while Nigeria is seeking to strengthen agricultural productivity, processing capacity and food security.

Renewable energy was also identified as a potential area of collaboration as Nigeria continues to seek solutions to its energy challenges and expand access to reliable electricity.

Cooperation in renewable energy could potentially extend to technology transfer, technical skills, investment and the deployment of energy solutions for businesses and communities.

Solid minerals and commerce were also identified as areas where stronger bilateral engagement could generate economic opportunities.

The broader cooperation comes as Nigeria continues to seek foreign investment and technical partnerships that can support economic diversification and reduce dependence on traditional sources of revenue.

Nigeria’s market offers investment opportunities

Shettima’s pitch to Thai businesses centred partly on Nigeria’s scale and demographic profile.

With a large domestic market and a predominantly young population, Nigeria offers Thai companies opportunities to expand their presence in Africa while using the country as a base for wider regional engagement.

The Nigerian government has increasingly positioned technology, infrastructure, manufacturing, agriculture and renewable energy as sectors capable of attracting investment while supporting economic transformation.

Stronger Nigeria-Thailand relations could therefore extend beyond government-to-government engagement to include private-sector investment, research partnerships and commercial technology deployment.

For Thailand, deeper engagement with Nigeria could provide access to one of Africa’s largest markets and strengthen its economic relationship with the continent.

For Nigeria, the partnership could provide access to Thai expertise, technologies and investment while opening additional channels for skills development and technical cooperation.

The two countries’ renewed focus therefore places technology within a broader economic partnership that could connect investment, technical expertise, skills development and sustainable development.

If translated into concrete programmes and private-sector projects, the cooperation could create opportunities for Nigerian and Thai businesses, researchers and technical institutions to develop solutions tailored to shared economic and development priorities.