Major oil marketer, Conoil Plc, has unveiled plans to leverage the nation’s lubricant market which is projected to hit the N250bn mark by the end of 2015, according to a report by The Punch.
The projected all-time high revenue from lubricant business is predicated on the expected upsurge in the demand for lubricants by the automobile and industrial sub-sectors of the economy.
A statement from the company on Wednesday indicated that the company would invest over N5bn to build a new lubricant manufacturing plant and filling lines, in addition to its lubricant plant in Apapa, Lagos, to significantly increase its engine oil production capacity.
This, the company affirmed, would put it in good stead to take huge advantage of the projected growth in the domestic lubricant market and invariably skyrocket its lubricant contribution to its overall turnover.
The substantial increase in lubricant production, according to Conoil, is projected to boost the company’s bottom-line while also increasing significantly its industry share in the lubricant segment.