The Managing Director of Intercontinental Paints Ltd., Mr Aigbe Omoregie, has advised the Federal Government to ban importation of paints as part of initiatives to build a virile economy.
Omoregie gave the advice in a chat with newsmen in Lagos.
He said that it was improper for the country to be importing paints when the production capacity of local manufacturers had improved.
Omoregie said that Nigeria’s market was saturated with locally produced paints, thereby making importation of the product unnecessary.
According to him, development of the local market is important for sustainable economic growth.
“There is an increase in construction of buildings for private and commercial purposes virtually everywhere in the country, but it is sad to see some of them using imported paints.
“I travel yearly to participate in the Paint Manufacturers Conference in U.S., Europe and Asia; I see what they are doing; it is not different from ours except in packaging and regulation of quality.
“How do we build our economy, solve the problem of unemployment and revenue generation, if we continue to allow imported paints to dominate our market?” he asked.
Omoregie noted that the paint industry had witnessed advancements in production quality due to stiff competition and quest for relevance in the market.
According to him, paint manufacturers are collaborating with the Raw Materials Research and Development Council (RMRDC) to find alternatives to imported inputs in local paints.
He urged the government to protect and support paint manufacturers with low interest loans, capacity building for small scale industrialists and creation of an enabling environment for economic growth.
Data from the Manufacturers Association of Nigeria (MAN) reveals that the nation’s paint industry has an investment of over N30 billion, with a yearly installed capacity of 200 million metric litres of assorted paints.