Conoil to invest N5 billion in lubricant manufacturing
The nation’s lubricant market is projected to hit the N250 billion marks by the end of 2015.
The projected all-time high revenue from lubricant business is predicated on the expected upsurge in the demand for lubricants by the automobile and industrial sub-sectors of the economy.
According to a statement issued by Conoil Management over the weekend, the company will invest over N5 billion to build a new lubricant manufacturing plant and filling lines, in addition to its state-of-the-art lubricant plant in Apapa, Lagos, to significantly increase its engine oil production capacity.
This, it said, would put the company in good stead to take huge advantage of the projected growth in the domestic lubricant market and invariably skyrocket its lubricant contribution to its overall turnover.
The substantial increase in lubricant production, according to Conoil, is projected to boost the company’s bottom-line while also increasing significantly its industry share in the lubricant segment.
It stated: “Conoil currently ranks as one of the nation’s topmost marketers of quality lubricants with a reputation for reliability and unsurpassed performance.
“Its popular lubricant brands of Quatro and Golden Super Motor oil hold top positions in the market and are adjudged the brand of choice.
“The company also boasts of wide range of industrial lubricants for applications in manufacturing, textile, cement, breweries, oil exploration and producing companies, and transmission oils for the transmission and gear system of vehicles.