By Charles Okonji
The Paint manufacturers Association of (PMA) has expressed the need for urgent enactment of paint policy by the federal government of Nigeria.
According to PMA, the Paint Policy Project is expected to protect investments of paint manufacturers in the industry.
The Chairman, PMA, who doubles as the MD, Blendtech Ltd, Mr A.S. Babatunde, made this call at the 32nd Annual General meeting of the association, themed: Post fuel subsidy removal -strategies for paints manufacturers,” where he implored government to make it a policy that projects are painted with made in Nigeria paints and enforce their contractors to do same without excuse..
Among other demands, Babatunde wants lead content in paint elimination project to be made pan Nigeria.
He complained that the menace of adulteration, faking of premium brands and sale of low quality paints products are still issues in the industry..
The PMA boss expressed hope that with improved regulatory framework, monitoring and enforcement of standards, the menace will be eliminated. “We believe that churning out the national paint policy for the country, among other things will help address the adulteration and quackery in the industry.
He disclosed that the need for members to explore ways and means on how to survive in the present economic challenges posed by the sudden and unprepared removal of subsidy on petroleum by the federal government, which has further disrupted social and economic activities in the country, prompted the theme for the AGM.
“The need for paint manufacturers in the country to look inward and come up with strategies to sustain their businesses so as to remain afloat also influenced the choice of the theme.”
He lamented the harsh operating environment which has affected the economy and members of the association, noting that the cash scarcity, fuel subsidy, infrastructure, rail network, energy situation, security situation, raw materials situation, brand situation among others.
On his part, Principal Partner, Tomflims Association International, Ltd, Lekki, Ogundimu Leke, who was the guest speaker, noted that the elimination of the subsidy brings opportunities and challenges, noting that a lot of businesses are still struggling given the effect of COVID-19.
He said if the country had embraced subsidy earlier, it would have been balanced now as a country.
On the possible ways forward, Leke gave survival strategies to the paint manufacturers to include considering hedging strategies to mitigate these risks, such as forward contracts to lock in exchange rates for future transactions.
“Embrace cost-cutting innovations. Harness the Power of Digital Technologies
“Forge Powerful Connections. staying informed about the dynamic economic landscape.
“Monitor market trends, economic policies and industry developments, among others.”
