Nigeria's Conoil is set to stimulate Nigeria's deregulated lubricants market with a four-year investment plan.
The lubes producer, which markets its products domestically under the Quatro and Golden Super Motor Oil (GSMO) brands, is aiming to spend N1.5bn ($9m) over the next four years to stimulate the domestic lubes market.
Currently producing 20m litres of lubricants per year, the money will be spent on upgrading its filling operations at its Apapa plant in Lagos, increasing capacing to 50m litres annually. A further 25m litres will come from its Port Harcourt and Kano operations. Coniol is expecting revenue returns of as much as N33m (£20m) by 2015.
With a 20% share of Nigeria's lubes market, Conoil is well positioned to increase its domestic position further, with government statistics indicating that the market could grow by 25% over the next three years. The Quatro and Golden Super brands are already the fast-growing lubricants in the country, with the range providing engine, gear and transmission oils and bearing greases.