…Proffers solutions to improve the industry
In line with its commitment to advancing Nigeria’s lubricant market, OVH Energy Marketing joined industry experts to discuss the application of technological developments to the industry at the 2022 edition of the International Lubricant Conference themed “Technology and its application to the lubricants industry”.
The two-day conference featured an insightful session with Lilian Ikokwu, Chief Marketing Officer of OVH Energy Marketing Limited, as one of the keynote speakers. During the session, she discussed the causes and effects of the proliferation of substandard lubricants in Nigeria, the solutions, and the indispensable role of technological tools in its eradication.
Lilian lauded the conference organizers and sponsors for their efforts in bringing together industry stakeholders to share ideas on improving the lubricant sector. She stated, “The Nigeria Lubricant sector is a growing industry with huge opportunity, but existing threats to its growth must be discussed and addressed.” She also identified the impact of Covid19 on the Lubricant sector, highlighting that technology played a significant role in providing effective service delivery and improved channels of interaction between customers and partners.
Commenting on the proliferation of substandard lubricants in Nigeria, Lilian said, “Despite being in the development stage, the Nigerian Lubricant market accounts for about 20% of Africa’s total lubricant demand. However, the menace of substandard lubricant prevents it from reaching its full potential. Therefore, the root causes must be addressed by all stakeholders such as the government, security operatives, manufacturers, and end-users to eradicate the menace.”
She further proffered solutions to curb the proliferation of substandard lubricants in Nigeria, saying, “Consumers are the last line and most important leg of the value chain; hence there is a need to enlighten them on the product knowledge and application. By empowering them with the knowledge to identify counterfeit products, we directly impact the purchase of such products, further curbing the menace of substandard lubricants.”
‘With the adoption of technological advancements in the lubricants industry, such as QR coding technology, product app technology, and social awareness, as well as future interventions such as biomarker fingerprinting and case base classifiers the Nigerian lubricant Industry can reach its full potential within a short period”, She added.
Other speakers at the conference also emphasized the importance and influence of digital technology in advancing the lubricants market in Nigeria and Africa at large. OVH Energy Marketing remains committed to producing top quality lubricant products in Nigeria.