Industry Leaders Pledge To Unlock Market Potentials In Lubricant Sector 

 

Yemisi Izuora

In its effort to raise awareness of the lubricants market while connecting manufacturers with key stakeholders, the 2021 edition of the International Lubricants Conference (ILC) has honoured outstanding leaders in the lubricant industry with recognition awards.

Stakeholders also pledged to work together to grow the sector given that Nigeria is the second biggest lubricants consumer in the continent.

As a result, the impact of lubricants in the country’s growth in relationship to GDP cannot be over emphasized.

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.

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.

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 is given to the leading lubricants manufacturer in Nigeria and the sub-Saharan Africa. It celebrates the success, growth and contribution to the lubricants industry in Nigeria. This year the award was 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 have set the bar for all other players in the industry.

 

The Service Excellence Award honours outstanding service. OVH Energy Marketing Limited is known for their innovative and dynamic marketing which has helped to shape the industry in terms of service delivery and customer satisfaction.

 

The Emerging Brand Award recognises great brands who have done phenomenally well. This year the award went to Seahorse Lubricants.

With the theme, “The future of Africa’s Lube market’’ panelists consisting 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 world-wide.

Speaking on the event, Consultant to the ILC, Dapo Keshinro reiterated the essence of the conference and how decisions made will impact 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. The dynamics of the Oil market keep changing with new trends and we need to prepare for this to enable us benefit from the market potentials. The International Lubricants Conference has created a viable platform to sustain growth and we 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’’.

 

The International Lubricants Conference 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. The ILC is sponsored mainly by Adipro Chemicals. Other sponsors are Innov Oil and Mocoh

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