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By Merit Ibe
The Paint manufacturers Association of (PMA) has called on the Federal Government to expedite action on the Paint Policy Project to protect investments of paint manufacturers in the industry.
PAMA Chairman, PMA, Mr A.S. Babatunde, who is also MD, Blendtech Ltd, , made the plea at the 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.
Among other demands, Babatunde wants lead 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.
For his part, Principal Partner, Tomflims Association International, Ltd, Lekki, Ogundimu Leke, who was the guest speaker, noted that the elimination of fuel 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 the paint manufacturers to include considering hedging strategies to mitigate these risks, such as forward contracts to lock in exchange rates for future transactions.
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