N

Nigeria to save $14m with local production of road paints

Published by

Posted on September 21, 2017

Nigeria will save over $14 million per annum on foreign exchange patronising locally made road marking paint currently produced by one of the indigenous manufacturing companies.
Presently, more than 96 containers of the paint is imported quarterly from China, South Africa and India at the rate of $3.5 million per quarter.
Speaking at the unveiling of the locally produced road marking paint by a Nigerian company, 7T Microns Powder Limited, the Managing Director, Manny Igbenoba, said the company could conveniently provide the Nigeria with 46 per cent of its demand.
He said it is a major breakthrough producing the first “made in Nigeria” thermoplastic road marking paints, which research commenced in 2014 and was eventually concluded in February 2016.
“The first products of the thermoplastic materials were produced and distributed in March 2017 and has since been in circulation. The products have been gaining popularity due to their superiority over the imported ones,” he said.
Igbenoba said the Nigerian product has 75 per cent quality rating, the best as recommended by the American Institute of Road and one per cent higher than the 74 per cent rating in the United States and far better than the present 62 per cent of the products imported into the country.

 

Source: http://sunnewsonline.com/nigeria-to-save-14m-with-local-production-of-road-paints/


About the Author


ADD A COMMENT

Subscribe and receive the following...

  • World News Updates
  • Latest News on Trade, Commerce & Investments
  • Latest Entertainment, Celebrity News & Gossips