The use of local paints in Nigeria has been projected to reach an all-time high of 1.02 billion litres by 2025. Chris Kiwamu, CEO of Kirsten Turner Consulting, made the projection at the 30th Annual General Meeting of the Paint Manufacturers Association of Nigeria (PMA) which held in Lagos on Wednesday.
Established in 1987, Kirsten Turner Consulting provides business advisory services to African enterprises. Kiwamu, who is a consultant for the Bank of Industry, also projected that Nigeria’s paint industry, currently valued at $268 million, is estimated to grow by five percent to $377 million by 2025.
As at December 2017, Nigeria’s paint industry had an investment of over N30 billion with a production capacity of 200 million litres of assorted paints yearly, the News Agency of Nigeria reported.
Kiwamu noted that the high demand for real estate properties and growing construction market and industrial production are the growth drivers of the paint industry.
“As one drives through the streets of Lagos, Ibadan or any provincial city and looks at many unpainted houses along the street, the feeling that the future of the paint industry is fully assured is unmistakable,” Kiwamu said.
Speaking on the theme: Strategic Roadmap for the growth of Nigerian paint industry, Kiwamu noted that if the consumption of paint in Nigeria can rise to three kilogramme per capita in the medium term from the present one kilogram, it will have a positive impact on the fortunes of stakeholders in the industry.
“This is certainly not a very ambitious projection,” he said. “This level has already been attained by relatively poor South American countries like Bolivia and Paraguay.”
The President of PMA, Rotimi Aluko, however, expressed concern over the unsolved and recurring challenge of adulterated and fake paints products in the country.
“The efforts of the Standard Organisation of Nigeria (SON) to rid the industry of fake and substandard products via monitoring and enforcement of standards have not yielded the desired results,” said Aluko.
He, therefore, advised that SON and the National Agency for Food and Drug Administration and Control (NAFDAC) should mandate all paint manufacturers in the country to be registered with them.
Aluko also urged the Federal Government to formulate policies that would increase patronage of locally-produced paints such as urban renewal and modernisation in all cities.
“Painting is not a luxury unlike what most Nigerians think,” he said. “It is a necessity because it helps to maintain and even enhance the value of the property, while at the same time adding beauty to it.”