The Paint Manufacturers Association of Nigeria (PMA) has expressed growing apprehension over the escalating activities of Paint Adulterators and counterfeiters in the Industry.
The Chairman, Ambolu Babatunde, addressing the 2023 yearly Meeting in Lagos, highlighted the challenges posed by the Faking and Adulteration of premium Paint brands, leading to daily Revenue losses for PMA members.
Babatunde said that despite efforts by the Standards Organisation of Nigeria (SON) to curb such Practices, the Issue persists, negatively affecting the Reputation of Companies whose Products are targeted.
He called for enhanced Regulatory frameworks, rigorous monitoring, and enforcement of standards, advocating the Development of a National Paint Policy to address the Problem.
The chosen theme for the meeting, “Post Fuel Subsidy Removal – Survival Strategies for Paint Manufacturers,” reflects the Economic challenges brought about by the abrupt removal of Petroleum subsidies by the Federal Government. Babatunde expressed concerns about the resulting Disruptions to Social and Economic activities, urging paint Manufacturers to devise strategies to sustain their Businesses.
He noted that the uncertainties stemming from Election matters and the Impact of Central Bank of Nigeria (CBN) Policies, coupled with unreliable Electricity supply and deteriorating Road networks, have contributed to the challenging Business environment.
Babatunde also highlighted the absence of a Rail network in the Country as a hindrance to efficient Distribution.
The Chairman underscored the Importance of addressing Raw material scarcity, suggesting that revitalizing the Nation’s refineries could be a key Solution.
He called on the Federal Ministry of Industry, Trade, and Investment to expedite action on the Paint Policy Project to protect and reward Investments in the Industry.
Ogundimu Leke, Principal Partner at Tomfilms Associates International Limited, emphasized survival strategies for Paint Manufacturers in the Post-fuel Subsidy removal era.
He recommended embracing Technological advancements, particularly Digital technologies, as a crucial step for Nigerian businesses to remain.
