The Paint Manufacturers Association of Nigeria (PMA) has raised concerns about the detrimental impact of paint adulteration and counterfeiting on its members’ revenue. During the 2023 annual meeting in Lagos, PMA Chairman Ambolu Babatunde expressed frustration over the persistence of these challenges despite previous attempts to address them. He emphasized the negative repercussions on the reputation of affected companies and noted that current regulatory efforts have proven insufficient.
Babatunde suggested that enhanced regulatory frameworks, rigorous monitoring, and the implementation of industry standards could eradicate adulteration and quackery. Additionally, he proposed the development of a National Paint Policy as a comprehensive solution. The meeting’s theme, “Post fuel subsidy removal-Survival strategies for paints manufacturers,” reflected the association’s need to navigate economic challenges resulting from the abrupt removal of petroleum subsidies.
Babatunde highlighted the disruptive impact of government decisions, such as the removal of fuel subsidies and challenges related to the upcoming elections. He pointed out the adverse effects of cash scarcity due to Central Bank policies, emphasizing the harsh business environment. Infrastructure issues, including poor road networks and the absence of a rail system, further compounded challenges.
The Chairman underscored the unreliability of electricity supply, escalating production costs, and expressed concerns about participating in the African Continental Free Trade Area. He urged the government to address raw material shortages by revitalizing the nation’s refineries.
Looking ahead, Babatunde urged the Federal Ministry of Industry, Trade, and Investment to fast-track the Policy Project to safeguard paint manufacturers and their investments. He called on governments to prioritize the use of locally-made paints in public projects.
Conclusion: paint makers
Ogundimu Leke, Principal Partner at Tomfilms Associates International Limited, emphasized the importance of manufacturers adopting technological advancements as a survival strategy in the post-fuel subsidy removal era. He encouraged investment in digital technologies, considering them essential rather than optional for Nigerian businesses.
