‘Nigeria Controls $1.2bn Share of the Annual Lubricant Market’

The Group Chairman of Oilden Energies Ltd., Oluwatoni Oladiran, has revealed that Nigeria holds a $1.2 billion share of the annual lubricant market, with projections suggesting it will grow at 7.7 per cent to reach $1.9 billion in the coming years.

He emphasised that the African lubricant market was valued at $4.2 billion annually and expanding at approximately 3.5 per cent annually. Nigeria alone consumes over 600 million litres of lubricants annually.

Speaking at a press conference in Lagos ahead of the official launch of the group’s new subsidiary on August 15, 2025, Oladiran highlighted that globally, the top 30 lubricant suppliers’ control over 70 per cent of production capacity.

He stated that Oilden Energies aims to secure its position among these leading global players.

Oladiran also stressed that Oilden’s “state-of-the-art” lubricant plant currently produces over 40,000 metric tonnes annually at full capacity, meeting 25 per cent of Nigeria’s industrial grease and lubricant demand.

He said that the company projected that 2028 capacity would increase to 60,000 metric tonnes, enabling it to capture 67 per cent of the domestic market while expanding across West and Central Africa.

Oladiran stated, “This growth is powered by innovation, rigorous quality control, and a motivated workforce of highly skilled professionals dedicated to excellence. Every facility and product meet or exceed world-class standards.

On pricing, he said the company offers price and supply stability by shielding clients from foreign exchange volatility through robust local production and an integrated supply chain.

“This moment is not merely a prelude to an event but a celebration of our heritage, strengths, and commitment to significantly influence Nigeria’s and Africa’s industrial and energy sectors,” Oladiran said.

He further noted that Oilden Energies is wholly Nigerian-owned, driven by a clear mission to deliver top-quality petroleum services both onshore and offshore while offering world-class products at competitive prices domestically and internationally.

He added that the company would unveil a new range of products in Lagos on Friday, assuring Nigerians of its readiness to serve them more.

He said the company, which has been in Nigeria for over three years, clearly promised to innovate relentlessly, expand strategically, and serve its clients with integrity, efficiency, and unmatched quality.