High production cost stifling paints, coatings business — Manufacturers

The Paint Manufactures Association (PMA) has said that epileptic supply of electricity has remained the bane of the paint and coating industry in Nigeria. PMA said it was working on strategies to confront the major challenge as a way of developing the industry in the country. This was revealed recently at the association’s 30th annual […]

The Paint Manufactures Association (PMA) has said that epileptic supply of electricity has remained the bane of the paint and coating industry in Nigeria.

PMA said it was working on strategies to confront the major challenge as a way of developing the industry in the country.

This was revealed recently at the association’s 30th annual general meeting held in Ikeja, Lagos where an overview of the paint industry was laid before stakeholders.

In his address, Mr. Chris C. Kiwamu, Managing Consultant/Chairman, Advisory Board of Kirsten Turner Consulting, said that manufacturing sector of which the paints and coatings industry is an important subset is very strategic to national development for obvious reasons.

According to him, employment generation, contribution to GDP, revenue to government through corporate and employee/personal taxes etc are the various ways in which the paint industry are very useful to the development of the Nigerian economy.

Kiwamu noted that interest in the Nigerian economy has grown significantly in the last couple of years. “Both local and foreign investors see opportunities to venture into, but each time they are presented with the challenges of infrastructure in the country.

“Industry experts put the local paint and coating market to be worth an estimated N96.50 billion which equals $268.0 million at an exchange rate of $1 for N360 this year,” he said.

Earlier in his address, the immediate past chairman of the association, Mr. Rotimi Aluko, noted that the association witnessed stiff resistance in business as a result of security challenges in the country.