The Nigerian lubricants market will earn an estimated N175 billion in revenues in 2014, up from the N150 billion generated in 2013.
Giving an overview of the lubricants market in
Furthermore, he noted that about 75 per cent of the total need of lubricating oils is produced in
He said despite the obvious contribution and potential of the lubricant market to the nation's economy, the lubes market is awash with about 720,000 metric tonnes of base oils (240,000 metric tonnes in excess of local requirement for lubes blending, different grades and types of products both locally blended by the majors, independents, fake and illegal producers.
Sote expressed concern that the lube market has become a dumping ground for sub-standard and off-specifications imported lubes of questionable quality, adding that these infractions are a threat to the survival of the lube manufacturers in
He said the summit, scheduled to hold
Moreover, he said the forum is an opportunity to showcase the fact that locally blended lubes meet and in some cases exceed both the national and international quality standards in the choice of raw materials, product formulations, packaging, quality sustainability, performance level and original equipment manufacturers' (OEM's) specifications and approvals.
He listed the challenges facing the lubricant market as indiscriminate importation of base oils far in excess of the installed capacity of the operating and functional lube oil blending plants; open market attraction that encourages the importation of finished lubricants of questionable quality and standards from the far east countries; low duty tariff on base oils and imported lubes both, which are housed under the same
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