The Federal Government has promised to help the Lubricant sub-sector to maximise its potentials to the development of the economy.
This promise was made by the Minister of Industry, Trade and Investment Mr Olusegun Aganga at an event tagged “Nigerian Lubricant Industry: Opportunity and Challenges” organised by CMC Connect in collaboration with The Department of Petroleum Resources (DPR) in Lagos, last week.
The Minister said that the promise was in line with the Federal Government’s recently launched Nigerian Industrial Revolution Plan (NIRP), a strategic initiative aimed at industrialising the country, and the Lubricant Sub-sector is one of its areas of focus.
He further stated that his Ministry had drafted a policy for the Lubricant Industry which is aimed at increasing value addition and capacity utilization with the objective of making the country self- sufficient in Lubricant production.
He also said that the Government is desirous to open new areas of opportunities in the exploitation of other alternative sources of base oil – the main component of Lubricant, like the Bituminous Tar Sand in other to stem the huge amount of foreign exchange losses associated with importation of the product for local production of Lubricant and to maximise its potentials fully.
Also speaking at the event is the Managing Director and Chief Executive Officer (CEO) of CMC-Connect Mr Yomi Badejo-Okusanya who spoke on the need for the stabilisation of the Lubricant sub-sector in the country.
He said that there would be increased need for Lubricants especially now that the Federal Government was set to implement the Automotive Policy fully come January 2015 and that the many vehicle assembly plants in the country would increase the need for the production of lubricants, he therefore enjoined stakeholders to rally round the firms now and make sure that the Industry is up and running to full capacity before the time comes.