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Nigeria’s paint industry to hit $377m growth by 2025

Nigeria’s paint industry is projected to record five per cent growth rate from its present estimated $268 million  (N96.50 billion) to $377 million (N135.80 billion) by 2025, a business expert has said. Chris Kiwamu, Managing Consultant, Kirsten Turner Consulting, made the projection on Wednesday in Lagos during the 30th Annual General Meeting (AGM) of the Paint Manufacturers Association of Nigeria.

He spoke on the theme: “Strategic Roadmap for the growth of the Nigerian paint industry.” Kiwamu, a consultant for Bank of Industry (BoI), projected that local paints consumption should grow from 391.75 million litres in 2020 to an all-time high of 1,002.63 million litres by 2025, under an ideal operating environment. He noted that the drivers of growth of the paint industry was high demand for real estate properties and growing construction market and industrial production. Others are increase in nationality population, rising per capital income and higher disposable income of paints consumers as the economy transitions from the last recession.

According to him, if the paint consumption in Nigeria can rise to 3kg per capita in the medium term perspective from its present one kilogram, it will positively impact fortunes of all market players. “This certainly is not a very ambitious projection, as that is the level already attained by relatively poor South American countries like Bolivia and Paraguay. “Interestingly, Venezuela, a fellow oil producing country as Nigeria, has a per capital paint consumption of 6.5kg. “Therefore, we assert that a per capital consumption of 3kg is an attainable state to aim for by Nigerian paints industry in the medium-term perspective.”