Despite the prevalent harsh business terrain in the country, paint manufacturers said that consumption of the product is currently on the increase with the figure put at N96.50 billion as at the third quarter of this year.
According to Paint Manufacturers Association of Nigeria, (PMA), a group of the Manufacturers Association of Nigeria (MAN) this increase was hinged on current positive indicators in the country. It forecasts that the nation’s paint consumption level would hit N135.80 billion in the year 2025.
Rising from their 2018 annual general meeting (AGM) held in Lagos with the theme: ‘Strategic Roadmap for the Growth of the Nigerian Paint Industry,’ the group observed that rapid growth of the economy (especially up until 2015) had provided an anchor for growth and development across all industries.
They said it saw Nigeria become Africa’s number one destination for foreign direct investments (FDI), mainly in capital projects to develop energy, manufacturing, financial, real estate and industrial infrastructure.
Other factors include high demand for real estate properties particularly residential housing demand and growing demand for commercial real estate properties.
Some experts who spoke with newsmen said it also had positive effects on coil coatings, wood coatings, interior and exterior decorative paints, powder coatings used for extrusions and protective coatings for steel and metals. Presently, they said the deficit in the residential housing sector oscillates between 17 to 20 million units, which spells big market demand for paint products across the country.