Nigeria (Commonwealth) _ Nigeria’s rapidly expanding engine oil and lubricant firm, CDN Oil and Lubricants Limited, has announced plans to begin local manufacture of its engine oil and lubricants in Nigeria, despite the difficulties encountered by the country’s industrial sector.
In a press release, Chukwuka Nwokolo, Managing Director of CDN Oil and Lubricants Limited, disclosed that the firm has signed a multimillion-naira contract with a global company to manufacture its engine oil and lubricant line domestically in Lagos, Nigeria.
Nwokolo emphasized that the choice to start local manufacturing was influenced by the fluctuating currency rate and how it would affect the cost of imports. CDN Oil intends to increase the production of lubricants for the Nigerian market by choosing local manufacture, giving customers in the nation more alternatives when it comes to high-quality engine lubricants.
According to Nwokolo, CDN’s strategic aim is to command the majority of the Nigerian lubricant business and establish itself as the preferred brand for high-end, premium engine oil and lubricants.
He went on to say that CDN is happy to announce that it has entered into a significant relationship with a global business in order to produce our premium lubricants locally in Nigeria. This program reflects our dedication to innovating in the face of unpredictable currency rates and guaranteeing the accessibility and affordability of our products.
Nwokolo emphasized that the new investment represents a significant turning point in the business’s development plan and expressed hope for the benefits it would bring to CDN Oil and Lubricants Limited as well as its discriminating clientele. He said, “The agreement demonstrates our commitment to providing premium lubricant solutions that satisfy international standards while meeting the particular needs of Nigerian users.”
For the exclusive distribution of CDN goods in the states of Abia and Imo, CDN has a multimillion dollar agreement with Noniks Oil and Lubricants. Onyewuenyi expressed excitement in a statement about the agreement for the South-East’s distribution of high-quality motor oil supplies. She expressed her happiness at having signed a single distributorship agreement with CDN Oil and Lubricants Limited, one of Nigeria’s rapidly expanding lubricants and engine oil companies.
We are optimistic about the possibilities of this cooperation since the company’s dedication to quality, excellence, and innovation perfectly meshes with my goal for providing top-tier items to customers in Nigeria. Onyewuenyi observed that the relationship with the engine oil and lubricants firm was made possible by the quicker growth potential provided by CDN’s new goods and the desire to capitalize on Nigeria’s sizable market population. She continued, saying that CDN Oil & Lubricants had shown to be a company committed to making high-quality goods that adhere to global standards.
Their emphasis on client happiness and innovation puts them in a position to develop more quickly in Nigeria’s cutthroat lubricants industry.Dr. Daniel Nwokolo’s company has an efficient business model that ensures high-quality products are affordable and easily accessible to even the most remote communities. This aligns with the company’s vision to become the premier choice and top marketer of engine oil and lubricant products in Nigeria.
Nigeria is Africa’s second-largest producer of gas and oil, behind Algeria. There are two types of crude oil extracted from the Niger Delta basin: light and somewhat heavy. The lighter variety has an API gravity of around 36, while the heavier form has an API gravity of 20–25. Both varieties have less sulfur and are paraffinic. Since 1960, the petroleum sector has been a major source of income and revenue for Nigeria’s budget and economy. According to data as of February 2021, the oil industry in Nigeria accounts for around 9% of the country’s GDP. Nigeria is a significant supplier of petroleum products and crude oil to the US market. In 2010, Nigeria shipped more than a million barrels per day to the US, accounting for more than 40% of Nigeria’s total exports and 9% of all crude oil and petroleum product imports into the US.
The Petroleum sector Bill was introduced by the Goodluck Jonathan government on July 18, 2008, in response to the need for comprehensive changes in the petroleum sector, ease of doing business, and encouragement of local content in the industry.
