Unilever Nigeria has revealed that profits dropped by 21 percent during Q1.

Unilever Nigeria, whose brands include Dove Soap and Persil deodorant, issued a statement to the Nigerian Stock Exchange revealing that net income fell to 590.4m naira ($2.7m) in the quarter to March 31, compared to 750.6m naira during same period last year.

The economic climate in Nigeria has been unstable in recent months due to falling oil prices, the devaluation of the naira, and an unstable political situation fuelled by rebel insurgency.

The company did not offer a commentary on the results, yet Unilever, which is headquartered in London, has recently revealed plans to raise the 50.04 percent stake it holds in separately-listed company, Unilever Nigeria. Unilever plans to gain a stronger controlling stake of as much as 75 percent, by offering to buy shares at a price of 45.5 naira each in cash.

Unilever is due to report first quarter results for the global group on April 16.