It is not news to the average Nigerian the huge impacts Foreign exchange sourcing has had on every sector of the Nigerian manufacturing Industry. Many companies still running till date have to had to struggle with sourcing for fund to procure necessary raw material in order to meet up with the huge demand by the end consumers.
However, this is same with the Lubricant industry as well. A gross number of Lubricants Plant workers at the top companies in Nigeria (e.g. Mobil, Total, Oando, Conoil, Forte etc) have had to be retrenched from work pending when normalcy is restored.
With the raw materials like Base oils and additives finishing up in the line of production and all efforts to procure becoming futile, a lot of changes might be surfacing very soon from hike in prices to shortage of Lubricants products.
Latest development is that we may see more and more Lubricant Plants shutting down operations in the coming weeks. While Foreign companies may use this as an opportunity to open up a wide market base, there is tough luck for indigenious manufacturers of Lubricants product.
We at Lubestoday however implore the President of Nigeria as well as other Ministerial nominees in this industry to include more Indigenous Lubricants manufacturers in the beneficiaries of the CBN Direct Forex sale.
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