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‘Oil market dynamics key to Africa’s lube market’

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oil refinery Photo:Getty Image

As the dynamics of the oil market keep changing with new trends, especially as many industries depend on lubricants for sustainability, stakeholders have been urged to innovate to benefit from the market potential.

According to participants at the 2021 edition of the International Lubricants Conference (ILC), the impact of climate change cannot be ignored, even though fossil fuels remain the main source of energy globally.

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The participants noted that Nigeria is the second biggest lubricants consumer in the continent, hence, the impact of lubricants in the country’s growth in relationship to GDP cannot be over emphasized.

Themed, “The future of Africa’s Lube market’’, panellists consisting of experts across the world gave insights on the challenges of the Global Base Oils market in Africa, business patterns and pointers that would enhance formulating lubricants for the future, based on demand and its impact on performance.

While the ILC is the first of a yearly series of conferences designed to raise technical awareness of the lubricant market, it equally seeks to enlighten operators on innovative industry developments and the advancement of the lubricants market worldwide.

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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’’.

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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.

Besides, 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) also honoured outstanding leaders in the lubricant industry with recognition awards.

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.

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