‘Nigeria is third largest consumer of lubricants in Africa’
Specifically, the stakeholders in the sector, who rolled out the statistics recently said there are 32 registered and other illegal blending plants in the country with a total installed capacity of about 965 million liters per year.
These plants, according to the Principal Partner, Lube services Associates, and Technical Consultants on the project, Kayode Sote, are currently producing at an average of 40 per cent of their total installed capacity employing over 5,000 Nigerian workers with a potential to generate over 50,000 additional work force if the plants are working at full-installed capacities.
Sote linked the anomalies in the sector to inefficient regulatory structure and poor implementation of policies by the regulatory agencies.
He said the appropriate laws that deal with the purchase, storage and sale of lubricants need to be updated in line with the global trends and the techno-economics dynamics of the industry.
Sote and other major stakeholders, while briefing journalist on the forthcoming Nigerian Lubricants Summit in Lagos said despite the obvious contribution and potential to the nation’s economy, Nigerian lubes market is awash with excess base oil, a raw material for lubes blending, different grades and types of products both locally blended by the majors, independents, fake and illegal manufacturers.
He added that the market is also a dumping ground for sub-standard and off-specifications imported lubes of questionable quality.
The summit themed, Quality Lubricants: Key to Techno-Economic and Industrial Development of Nigeria, is scheduled for November 24 -26, 2015 at the Federal Palace Hotel, Ahmadu Bello Way, Victoria Island, Lagos.
The newly appointed Minister of State for Petroleum Resources, Dr. Ibe Kachikwu will be the Special Guest of Honor and Keynote speaker at the summit.
The Managing Director of CMC Connect Burson-Marsteller, Communication Consultant to the summit, YomiBadejo-Okunsanya, it is important for stakeholders to focus on the Lubricant Industry and to promote the potentials in the downstream sector in the nation’s oil and gas industry coupled with the need to enhance local content in the petroleum sector.
Other Guests expected at the summit include: Nigerian Academy of Engineering, (Mrs) Maduka, President; Chairman, Skye Bank Plc, Mrs. Mosun Balo-Olusoga; Chairman, Lubcon International Group, Alhaji Jani Ibrahim, among others.