To benefit from the potentials in the lubricant market, industry players have pledged to be dynamic and evolve with new trends to grow their earnings and boost the industry contribution to other sectors.
The industry players made the pledge known at the 2021 edition of the International Lubricants Conference (ILC) that was organised to raise awareness of the lubricants market while connecting manufacturers with key stakeholders.
‘‘ The Lubricants market in Africa has been relevant to the growth of many sectors. We are concerned about the challenges in the industry in recent times which has resulted in a decrease in revenue,” a consultant to the ILC, Dapo Keshinro said, reiterating the essence of the conference and how decisions made will impact stakeholders.
With the theme, “The future of Africa’s Lube market’’ panellists consisting of experts across the world gave insights on the challenges of the Global Base Oils market in Africa, businesses patterns and pointers that would enhance formulating Lubricants for the future, based on demand and its impact on performance.
The International Lubricants Conference is the first of an annual series of conferences designed to raise technical awareness of the lubricant market while recognizing exceptional industry stakeholders and enlightening them on innovative industry developments and the advancement of the lubricants market worldwide.
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The two-day conference hosted virtually saw experts in the Lubricants sector address some of the challenges posed by the COVID 19 pandemic to the industry and the ways to achieve sustainable growth.
Nigeria is the second biggest lubricants consumer in the continent. As a result, the impact of lubricants on the country’s growth in relationship to GDP cannot be overemphasized, industry analysts said.
To recognise the efforts of industry leaders to the growth of the sector, the ILC set up a committee comprising leading industry experts from across the world with cumulatively over 100 years of hardcore industry knowledge.
Divided into four main categories, the award recognised organisations who have been impactful in the industry and by inference the economic growth in the country.
The Prime Player Award which is given to the leading lubricants manufacturer in Nigeria and sub-saharan Africa to celebrate the success, growth and contribution to the lubricants industry in Nigeria was this year given to Ammasco International Limited.
The Impact Award winner,
Adorva PLC, was chosen for their dynamism and creativity. Their consistency in product quality is a testament to their commitment to quality which has set the bar for all other players in the industry, the organisers said.
The Service Excellence Award which honours outstanding service was given to OVH Energy Marketing Limited for its innovative and dynamic marketing which the award organisers said helped to shape the industry in terms of service delivery and customer satisfaction.
The Emerging Brand Award is also a category that recognises great brands that have done phenomenally well. This year the award went to Seahorse Lubricants.
According to industry players, the International Lubricants Conference has created a viable platform to sustain growth and are optimistic that the insights and ideas shared at the conference will go a long way in providing guiding actions to improve performance in the industry.
Keshinro said the 2021 International Lubricants Conference which was sponsored mainly by Adipro Chemicals and others like Innov Oil and Mocoh sets the pace for further discussions in driving commitment and support on insights to the lubricants market, global trends, and positioning the industry for a positive outlook in future.
The ILC will further enlighten stakeholders on innovative developments and the advancement of the lubricants market worldwide, he said.
The International Lubricants Conference is an independent resource and platform to promote activities and interests in the Lubes industry.
