The Nigerian lubricants market will earn an
estimated N175 billion in revenues in 2014, up from the N150 billion
generated in 2013.
Principal Partner, Lubeservices Associates,
Mr. Kayode Sote, disclosed this at media briefing to announce Nigeria’s
first lubricant summit and exhibition scheduled to hold in Lagos next
week.
Sote said Nigeria is the third largest
consumer of lubricating oils, amounting to about 600 million litres or
one per cent of the world total demand with gross earnings of N150
billion in 2013. According to him, revenue from the Nigerian Lubes
Markets will rise to N175 billion in 2014 and has been projected to hit
to N250 billion by 2015.
