Conoil Unveils Plan To Dominate Nigeria’s Lubricant Market

Conoil Plc, one of Nigeria’s major oil marketers, has unveiled expansion plans in the nation’s lubricant market, which is projected to hit the N250 billion marks by the end of 2015.
The expected increase in earnings of the lubricant market, was based on the upsurge in the demand for lubricants by the automobile and industrial sub-sectors of the economy.
Industry sources said that with a total consumption of 600 million litres, which amounted to one per cent of the world’s total demand, Nigeria ranked as the third largest consumer of lubricating oils with gross earnings of N150 Billion in 2013.
According to a statement issued by Conoil Management last 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 increase its engine oil production capacity.
Conoil said the substantial increase in lubricant production, is projected to boost the company’s bottom-line while also increasing significantly its industry share in the lubricant segment.
The firm currently ranks as one of the nation’s topmost marketers of quality lubricants with a reputation for reliability and unsurpassed performance.
The company’s plan is expected to position it to take advantage of the projected growth in the domestic lubricant market, which will boost its lubricant contribution to its overall turnover.