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Nigeria’s paint industry to hit $377m growth by 2025 — Expert – kirstenturnerconsulting

Kirsten Turner Consulting

It’s a great pleasure for us in Kirsten Turner Consulting as our MC/CEO, Mr. Chris Kiwamu, was invited as the Guest Speaker during the recently-held 30th Annual General Meeting of the Paints Manufacturers Association of Nigeria (PMA). His speech was on “Strategic Roadmap for the Growth of the Nigerian Paints Industry”.
As reported in various newsmedia – print, electronic and online media – Nigeria’s paint industry is projected to record five per cent growth rate from its present estimated $268 million (N96.50 billion) to $377 million (N135.80 billion) by 2025.
Quote:
“Chris Kiwamu, Managing Consultant, Kirsten Turner Consulting, made the projection on Wednesday in Lagos during the 30th Annual General Meeting of the Paint Manufacturers Association of Nigeria.
“Kiwamu, a BDSP-consultant for Bank of Industry, projected that local paints’ consumption would grow from 391.75 million litres in 2020 to an all-time high of 1,002.63 million litres by 2025, under an ideal operating environment.
He noted that the drivers of growth of the paint industry were high demand for real estate properties and growing construction market and industrial production. Others are increase in national population, rising per capital income and higher disposable income of paints consumers as the economy transitions from the last recession.
According to him, if the paint consumption in Nigeria can rise to 3kg per capita in the medium term perspective from its present one kilogram, it will positively impact the fortunes of all market players.
Finally, he averred that addressing the challenges of the paint industry and collaborative efforts of manufacturers, consumers and regulatory agencies would assist the industry achieve the growth potential, especially since the paint & coating industry was an important subset that was strategic to national development.” Unquote.
As he further averred: “Ever so often PMA members complain of difficulties in having access to funding for their expansion or re-tooling projects, given the stringent conditions attached to the said loans. However, working with experienced financial consultants has been known to dramatically improve the chances of any applicant getting a “Yes” response from its bankers. [For example, Kirsten Turner Consulting is a NATIONAL BDSP to the Bank of Industry, where its role is to assist the BOI search for credible project proposals from all over the country, make them “bankable” and submit same to the bank for its financial support to those companies].”
As is well known, we in Kirsten Turner Consulting help our (industrial) clients raise relatively cheap funds (from anywhere in the world) to finance their new and/or existing businesses. We also assist such companies in the preparation of the requisite Comprehensive and Bankable Business Plan documents for their projects.
Therefore, if your company has any project ideas requiring long-term funding (be they expansion, diversification, rehabilitation or even greenfields), please get in touch with us and let’s discuss how we may be of help to you.

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