07 November 2013 12:34 [Source: ICIS news]
CAPE TOWN (ICIS)--Nigerian demand for lubricants is projected to increase to 805,300 tonnes/year by 2022, up from almost 274,500 tonnes/year in 2012, an analyst said on Thursday.
Anthony Lawrence, research analyst at Frost & Sullivan, was speaking at the 2nd ICIS Base Oils and Lubricants Conference in Cape Town, South Africa.
Lawrence noted that the forecasted increase, which is almost triple, marks Nigeria as the fastest-growing African lubricant market and labelled it the most exciting opportunity on the continent for base oil suppliers.
Nigeria currently has Africa's third largest lubricant market, after Egypt and South Africa, but has the fastest growth rate.
Regarding lubricant demand growth in Africa in general, Lawrence said that infrastructure projects will provide the largest growth boost. Infrastructure projects require large volumes of industrial lubricants, and Africa is embarking on widespread infrastructure development.
"There's a massive gap still existing in African infrastructure developments," he said.
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