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The Nigerian Paints & Coatings Market

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The Nigerian Paints & Coatings Market 1 The Nigerian Paints & Coatings market Disclaimer No person other than your organization is authorized to rely on this report. Your use of this report is at your sole risk. This report is provided on an “as is” and “as available” basis. Naijalink Ltd. makes no representation or warranty regarding the accuracy or completeness of this report and expressly disclaims any duty to update it. This report may contain both public and non-public raw, third-party data from sources that Naijalink Ltd. does not control. Unless otherwise indicated, the information contained in this report has not been independently verified or validated. Naijalink Ltd. expressly disclaims all warranties of any kind, whether express, implied or statutory, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose, title and non-infringement. Naijalink Ltd. does not guarantee the accuracy, completeness or timeliness of unconfirmed data provided by third-party sources. You agree that Naijalink Ltd. shall not be liable for any damages incurred by you or your organization or any third party arising as a result of reliance upon this report or any claim attributable to errors, omissions or other inaccuracies in this report or interpretations thereof. This report is confidential and may not be shared with others. By reading this report, you agree to be bound by the above "Disclaimer". N a i j a lin k L t d | r e s e a r c h 2014 Contents 2 Contents Executive summary ....................................................................................................................................... 4 Introduction .................................................................................................................................................. 6 1. Nigeria – an introduction ..................................................................................................................... 7 1.1 The Nigerian economy ........................................................................................................................ 9 1.2 Foreign Trade .................................................................................................................................... 12 1.3 Population and labour force ............................................................................................................. 14 1.4 Opportunities in Nigeria .................................................................................................................... 15 2. Overview of the Nigerian paints market ........................................................................................... 16 2.1 Market Summary .............................................................................................................................. 16 2.2 Key Players ........................................................................................................................................ 19 3. Paints and coatings categories........................................................................................................... 22 3.1 Decorative paints segment ............................................................................................................... 23 3.2 Industrial paints & coatings .............................................................................................................. 24 4. Locally made paints vs imported paints ............................................................................................ 27 4.1 Local paint production ...................................................................................................................... 28 4.2 Imported paints ................................................................................................................................ 29 o Lessons learned ............................................................................................................................... 30 5. Raw Materials for paints and coatings in Nigeria ............................................................................. 32 5.1 market drivers & challenges to the raw materials market ............................................................... 32 6. Potential customers ........................................................................................................................... 35 6.1 Profiles of Potential customers ................................................................................................... 35 7. Industry potential and sector attractiveness .................................................................................... 40 7.1 Outlook and trends ........................................................................................................................... 43 Naijalink Ltd | research 2014 3 The Nigerian Paints & Coatings market Appendix I - Doing business in Nigeria ...................................................................................................... 45 Golden rules for doing business .............................................................................................................. 45 Business culture & communication ........................................................................................................ 46 Entry Strategies ....................................................................................................................................... 47 Registering a Business in Nigeria ............................................................................................................ 48 Appendix II – Foreign Trade ...................................................................................................................... 51 Custom duties ......................................................................................................................................... 51 Payments systems ................................................................................................................................... 51 Banking system ....................................................................................................................................... 52 Free Trade Agreements .......................................................................................................................... 52 Double taxation Agreements .................................................................................................................. 52 Investment Promotion and protection Agreement (IPPA) ..................................................................... 52 Liberalisation of Ownership Structure .................................................................................................... 53 Repatriation of profit .............................................................................................................................. 53 Guarantees against Expropriation .......................................................................................................... 53 Naijalink Ltd | research 2014 Executive summary 4 Executive summary The Nigerian paint & coatings market is growing rapidly with the increase of private and government investment in infrastructure and the growing demand for higher quality products and services. With Nigeria experiencing significant construction and infrastructure growth, and as an economic boom is currently driving the country towards industrialization, the paints & coatings industry is quickly becoming a strategic growth market. Fast economic growth in the last few years - which propelled Nigeria from a country with GDP of $88 billion a decade ago to a country with GDP of $510 billion in 2013 - has been a significant driver of the paints & coatings market. This is despite the obvious poor state of country’s infrastructure. According to Frost & Sullivan, the paint and coatings market grew to an estimated $200 million in 2012. Because of the high correlation between GDP and paint volume growth we believe that the paints & coatings industry could double by the end of the decade growing by a CAGR of 9.01%. At the fore of the government’s plans is turning Nigeria into a fully-fledged industrialized country. Significant infrastructure investments over the last couple of years in building industrial plants, real estate properties, roads, bridges and manufacturing activities have provided decent opportunities for the paints & coatings industry. There are numerous paints & coatings companies in Nigeria operating at varying capacities and scale in different parts of the country. However, the competitive nature of the industry and the fact some of the companies lack good distribution network, access to financing and therefore economies of scale, means very few companies dominate the paints & coatings market. Products from companies like Berger paints Nigeria plc, CAP plc, and PCMN plc dominate the paints & coatings market. Most of these major market players have a long history of operation and serve all the various paints & coatings segments, unlike the small and medium scale businesses who only have the expertise and capacity to serve the decorative segment only, and in a few cases, the coil and wood segments as well. Decorative paints remains a dominant segment of the Nigerian paints and coatings market mainly due to significant volume of real estate activities that goes on every year in Nigeria. Rising per capita income and efforts to tackle the challenge of large housing deficit continues
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