The Federal Government has commenced plans to halt the influx of
imported lubricant products into the country, even as it expressed commitment
to encourage improved capacity utilization of local production and promote
exports. The Minister of Industry, Trade and Investment, Olusegun Aganga, who
disclosed this at the opening ceremony of the first Nigeria Lubricant Summit in
Lagos yesterday, said the government has developed a draft national policy for
the lubricant industry in the country. Aganga, who was represented by an
official of the ministry, Francis Alaneme, said, The lubricant sub-sector is
one of the areas of focus of the Nigeria industrial revolution plan and assured
of government’s collaboration with stakeholders to move the industry forward.
According to him, modalities for the implementation of the policy are currently
being worked out in consultation with other government ministries and agencies.
Success of the national lubricant policy depends largely on the effective
participation of stakeholders, the minister said, adding that government is
desirous to open new areas of opportunities in the exploitation of bituminous
tar sand as alternative source of base oil on Nigeria, in other to stem the
huge amount of foreign exchange losses associated with importation of the
product for local production of lubricant. Also speaking at the event, the
Chairman LUBCON Group, Jani Ibrahim urged the Federal Government, through its
appropriate statutory agencies, to support and protect the vibrant sector in
all ramifications.
Guardian Newspaper
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