The price of paint brands in the country may continue to surge, as brand owners under the aegis of the Paint Manufacturers Association of Nigeria (PMAN)are putting the blame on scarcity of foreign exchange for manufacturers as well as the rising prices of raw materials and packaging inputs.
Asides from the challenges outlined, the association said the sector has yet to recover from the effect of the COVID-19 pandemic.
Chairman, PMAN, Ambolu Babatunde pointed out that the sector is still bedeviled with the scarcity of foreign exchange, skyrocketing prices of paints raw materials, and packaging inputs as well as sales of finished paint products. He lamented that these bottlenecks have pushed the cost of production beyond the breakeven point.
“They have also made the business environment unfavourable and unattractive to investors. With these challenges, our products have remained uncompetitive in the midst of the African single market which took off last year. The Chairman stated this at the PMAN Nigeria 2022 coating show tagged “Maximising the opportunities of the African Continental Free Trade Area in the post-COVID-19 era” in Lagos.
“We urge the government to come to our aid by coming up with policies and programmes that stimulate activities in the paints industry in particular and the manufacturing sector in general.”