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Reviews

Product Review: Big brands dominating Nigeria’s Paint market

In Nigeria, paint manufacturing companies have been in existence since the early sixties.

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Paint Brands, Product Review

In Nigeria, paint manufacturing companies have been in existence since the early sixties, though most of them existed as subsidiaries of foreign companies until the indigenisation decree that saw many of them being partly or wholly bought over by local investors.

Paint is any pigmented liquid, liquefiable, or mastic composition that, after application to a substrate in a thin layer, converts to a solid film and it is most commonly used to protect, colour, or provide texture to objects.

The Nigerian paint market has witnessed the emergence of new, small-scale brands battling for market share with the ‘big elephants’ in the industry, some of which are listed on the Nigerian Stock Exchange.

The key drivers of the paint industry in Nigeria have always been the high demand for real estate properties and growing construction market and industrial production. However, the recent economic contraction dealt a big blow to the balance sheet of some of the manufacturers, as most of them depend largely on importation for their raw materials.

Welcome to this week’s edition of product review, a weekly analysis where Nairametrics features products contending for leadership and prominence in Nigeria’s consumer market. This week, we take a look at various paint brands and how they are competing for profitability and visibility in the market space.

Some facts and Figures on Nigeria’s Paint market

In 2012, the Nigerian paints and coatings market was worth an estimated $200 million with an estimated Compound Annual Growth Rate of 9.01%.

According to Mr Chris Kiwanu, a consultant with the Bank of Industry, Nigeria’s paint industry is projected to record five per cent growth rate from its present estimated $268 million to $377 million by 2025. He also projected that local paints consumption should grow from 391.75 million litres in 2020 to an all-time high of 1 billion litres by 2025, in an ideal operating environment.

Brands in the market

The paint industry in Nigeria is a very competitive one. Numerous companies, both big and small, continuously push the boundaries through innovation in order to churn out the finest paints.

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The paints variants can be classified into the decorative paints segment and industrial paints segment. While decorative paints are used for interior and exterior house paintings, industrial paints are used for industrial paintings.

Variants in the decorative paint segment include emulsion, gloss, silk/satin, while variants of industrial paints include auto paints, marine paints, wood, road markings, bright aluminium, bituminous, etc.

Notable brands in the Nigerian market include Berger Paints, Dulux, Caplux, Finecoat, President, Prestige, and Eagle, just to mention few.

A 2016 Data from the Standards Organisation of Nigeria (SON) reveals that there are 68 registered paint producers in Nigeria that meet SON requirements.

Big Players in the market

These are manufacturers that laid the foundation of indigenous paint manufacturing in Nigeria and have continued to remain on top by refusing to compromise the quality of their products. They control the market and have been in existence for decades, starting as importers of paint products but moving to local production as demand increased.

Chemical and Allied Products (CAP) Plc, a subsidiary of UAC of Nigeria (UACN) Plc, is in the paint and coat production business. The company was established originally as Imperial Chemical Industries, but later became ICI Nigeria Limited in 1965.

Following the promulgation of the Indigenisation Decree in 1972 and 1977, ICI Nigeria Limited sold 40%, and then 60% of the company to the Nigerian public and changed its name to Chemical and Allied Products Limited.

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In 1992, ICI Nigeria Limited finally disposed of off its minority 40% shareholding in CAP Plc, when it sold 35.7% of its equity to UAC of Nigeria Plc and the rest to the Nigerian public on the floor of the Nigeria Stock Exchange (NSE). Currently, UAC of Nigeria Plc holds about 50.09% of the company’s issued share capital.

It has grown over the years to become one of Nigeria’s leading paint manufacturers. It has a wide range of paint variants that have continued to meet the various painting needs of Nigerians. Its major brand includes the popular Dulux and Caplux brands.

Berger Paints

Berger Paints has brands in different segments, ranging from the Luxol Emulsion, Fire Resistant Texcote, and the Luxol Gloss.

The company was formerly known as British Paints (W.A.) Limited. It is the first paint manufacturing company to be quoted on the floor of the Nigerian Stock Exchange (1973).

Meyer Plc

Meyer Plc currently has brands doing well in the Decorative, Auto Refinishes, Industrial and Wood Finishes.

Meyer Plc is an offshoot of former Hagemeyer Nigeria Limited, the manufacturer of Sigma Paints and Cosmetics. In 1994, Hagemeyer was bought over by Dunlop Nigeria Plc, which led to the change of both the corporate and brand names to DN Meyer Plc and Meyer Paints respectively.

In July 2003, Dunlop Nigeria Plc divested its controlling shares from DN Meyer Plc to ACIMS Limited and DN Meyer Plc ceased to be a subsidiary of Dunlop Nigeria Plc.

Chemstar Industry Nigeria Limited

Chemstar Industry Nigeria Limited, makers of Finecoat and Shield Paints, has grown from a small beginning in 1995 to a huge player in the market.

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There are other local and small brands that continue to play on the fringes in the Paint market space.

 What consumers are saying

Nairametrics spoke to Mr Eze, a paint shop owner who noted that the paint market has witnessed technological advancements in the methods of production as a result of stiff competition within the industry as every producer is forced to put in its best or be forced out of the market.

According to him:

“Technology and Innovation is driving this market and it is a fast-paced market”

He also added that most people go for brands that have been in the market for years.

“Many brands still benefit from their pioneering status and because they are known for quality, people will always patronise them in the market.”

A Painter who gave his name as Reflex said the Gloss paints are generally more resistant to damage than flat paint, more resistant to staining, and easier to clean. Flat Paint is generally used on ceilings or walls that are in bad shape. This finish is useful for hiding imperfections in walls and it is economical in effectively covering relatively great areas.

Another respondent also said he prefers the Dulux Brand because of its reputation in the market.

“It is a brand known for quality and it has been in the market for years.”

Another painter, Mr Kehinde noted that Finecoat and Berger brands are also well patronised because of their quality.

He was also quick to mention the impact of some small brands who are also doing very well in the market.

Verdict

In a Twitter poll Dulux Brand got 68%, Berger Paint got 17% while Finecoat got 15%.

The Standards Organisation of Nigeria (SON), a major regulatory body for the chemical and paints industry have been at the forefront of maintaining standards within the sector but are challenged by the sheer number of operators. The regulator must double down to ensure that Paints with poor standards are not allowed into the Nigerian market.

Many new entrants get attracted to paint market space primarily due to inefficient regulatory practices. This has inevitably led to the lowering of standards as most of the fringe players produce sub-standard paints, albeit at a relatively cheaper cost which enables them to sell at a lower price.

Also, limited access to cash has hampered the growth of small manufacturers who continue to find it difficult to compete with the big players most of whom are quoted companies and can always raise funds for expansion.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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Reviews

Book launch: Built for the Storm by Bridget Oyefeso Odusami

‘Built for the storm’ is a must-have manual for those experiencing any kind of life adversity.

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Bridget Oyefeso Odusami launches new book, Built for the Storm. In this book, the author takes us on a journey through the process of pain and healing. Using real-life experiences, she talks about the scars that remain afterwards, and how to live with these scars.

What first catches your attention is the title of the book. It emphasises the importance of a name – her name, “Bridget” is an Irish name which means the “Enduring one” – a recurring theme in her story. Bridget was named strong and so was her book. The book takes us through how to change your point of view when life seems hopeless and figure out what you can do to make everything better and find happiness.

‘Built for the storm’ is the ultimate game-changer. Step-by-step, readers are empowered and encouraged so that you can turn any setback into a major comeback while understanding that in life, there are times, seasons and reasons.

In this inspirational, but practical self-help book for women and men, Bridget Oyefeso-Odusami talks at length about her husband’s illness and how she copes. Bridget talks about several issues that pop up when the unexpected happens. She talks about her realisation that in caring for the sick, she herself needs help, needs healing to crawl back to life; to show up despite it all.

Bridget is also conscious of the fact that other ears are tuned to her musings and are likely to glean a few truths from her journey; so she uses anecdotes, analogies, even Bible verses and stories to season her musings. She uses her scars and their reminders to tell us about life, about love, about being a wife, a mother, a career woman and one determined to be herself regardless of her circumstances.

Built for the storm is a must-have manual for those experiencing any kind of life adversity. The book tells the story of how love is sweet but can be painful; love forgives, love keeps “no records of wrongs” but more importantly, love grows and when it is rooted in abiding faith, it blossoms like a rose among thorns.

Built for the storm comes to us during a time of deep unrest, a time when our empathy for others is so needed to guide the choices we will make. This book will open hearts. It teaches readers how to shift their mindset and do the internal work to discover the divine purpose of obstacles and how to position them to become their stepping stool for success. You can overcome any adversity and land back on top! There is a reason that you are still alive. You were built for the storm.

Built for the Storm is a searing and pain-filled musing on what can happen when life throws you a curveball. It is a simplified workbook and a sobering reminder that our life can seem no more than a lottery and winning or losing is often up to chance and fate and God, if you believe in him. And for those who believe in God, this is a book that will strengthen your faith and also try your faith beyond measure. This book will stir emotions in you that you did not realize you were capable of. This book will test your faith then make it strong.

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This book is about hurt and healing, adversity and resilience as well as grace under pressure. ‘Wound’ appears 24 times, ‘wounded’ appears 9 times while ‘wounds’ is used 9 times. Reading through, what becomes increasingly obvious is that Bridget has taken vicious blows from life and has been wounded over and over again but through prayer and faith and the kindness of friends and strangers as well as a huge support system she has healed but the scars remain.

That is a summation of the most important lesson from this sobering and beautiful book; scars can be beautiful things and we need not be ashamed of them. Built for the Storm illuminates God’s faithfulness in the life of the author as He orchestrates times and seasons amidst the storms, setting people and situations in place to help her journey towards healing and purpose. Like a line in the book says, “this isn’t where your story ends… Seasons come, seasons go but God is constant.”

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Reviews

Review of the V bank version 3.0: Nigeria’s first intelligent digital banking app

V Bank has upgraded its application to offer new services to its users and improve operational efficiency.

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Review of the V bank version 3.0: Nigeria's first intelligent Digital banking App

Nigeria’s fully digital bank, V Bank, a product of VFD microfinance bank Launched March 8, 2020, has upgraded its application to offer new services to its users and improve operational efficiency.

The new VBank app will enable users to securely access their accounts to automate recurring bills, manage multiple cards from different banks, send and receive funds using a unique QR code, track spending, generate virtual cards for online payments, buy airtime and data, fix deposits and make free transfers, all within a sleek, responsive and easy-to-use interface.

This review explains how to download and use the new V bank version 3.0 app. During the review, we took into consideration the design, user experience, usability, new features of the App, and how it functions well.

The device used for the review: Apple iPhone Xsmax

Getting started with V bank

These are the following information required for successfully registering as a user on the V bank app:

  • Sign Up by downloading the V bank app and creating your account
  • Input your BVN-linked phone number on the app and date of birth
  • Take a photo with a white background to Validate your identity
  • Verify your identity by inputting your BVN number on the app or use your existing bank account.
  • Finally, a signature for validation and a four-digit pin password.

What’s New on the V bank App?

The new app, version 3.0 comes with some new cool features that are rather unique. Let’s talk about all the new features and our experience while setting up and performing different transactions.

New V bank Interface

After you log in or sign up, the first thing you see is the V bank dashboard and it is pretty cool. The UI and interactions are super neat. The use of colours and components under the analytics section is simple and clean. This is perfect!!

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New V bank interface

Send and receive money using Proximity payments and QR payment features

V bank users can now send or receive money easily through the proximity or QR payment features. You can pay or receive money from a nearby V bank app user using the proximity payment feature. Click on the proximity payment icon and start searching for a nearby user to pay while receiving payment wait for the user to start searching.

Recipients using the proximity payment feature must have their phones at close range.

 

Another interesting way you can make a transfer easily is by scanning the QR code of the user receiving the payment.

To receive a payment, each user must generate a QR code which will be used to scan while making a transfer.

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The QR payment feature is actually unique as it enables users to make or receive payments from near and far locations. The only requirement is to have the QR code to scan for payment.

QR Code

Intelligent Mobile Top-up feature

We always want to send airtime or data to people as a surprise and most times we have the mobile number but don’t know the network provider. The new V bank app comes with an intelligent mobile top-up feature that detects each network provider automatically with just the phone number. You don’t need to call the recipient asking for his network provider, the app does that for you.

Airtime top-up

Cardless Withdrawal

It is not always convenient and secure to carry a wallet or purse with ATM cards. You can make a careless withdrawal without your ATM cards using the V bank app by generating a code. The app also helps you in locating the nearest ATM locations for your careless withdrawal. This feature is convenient and more secure.

Transfer funds to multiple recipients at once

Imagine how tired Don Jazzy will feel after paying each follower that won his giveaway separately. It actually is exhausting but the V bank eliminates that stress with the new multiple beneficiary feature. You can send money with just one transaction to up to 5 people.

Multiple transfer feature

Track your spending

The Analytics dashboard shows a beautiful interface with total inflow (payment made) and total outflow (Amount withdraw or debited). This gives you a clear pictorial overview of your income and expenses.

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Under categories, users can track their spending such as online/POS, utility, mobile, family. work, lifestyle, food, utility, transport, and more on a monthly basis. This feature enables you to Identify bad spending habits and make adjustments to improve your finances.

Overview of income flow, expenses, and budget

Manage Multiple cards from different accounts

One of the App’s latest features is managing multiple cards from different accounts.

We requested a new virtual card which cost 500 Naira ($1) for a new one and it expires in three years. You can also request and activate V bank physical card using the app. The new feature enables users to add ATM cards from different bank accounts on the app and all the debit cards can be managed using the V bank app under the cards section.

Managing your cards section

Automate Recurring Transactions

The new feature allows users to automate recurring transactions weekly, monthly, or on a yearly basis depending on the type of service requested. You can easily schedule payment for your DSTV bill on a monthly basis.

Other features you would be interested in

  • Make free transfers i.e there are no hidden transfer/ transaction fees.
  • You can open a target savings account, fixed deposit account, or a joint account using the V bank App.
  • Request a loan
  • Chat with a customer care representative using the app
  • Earn money when you invite your friends
  • Become a Veelager and earn profit

Final thoughts

The new version of V bank is well designed for both new and existing users of digital banking. The app enables users to easily navigate and perform seamless transactions. The design interface and user experience make it a great option for anyone looking for a perfect digital bank.

With the rise of technology, everything is possible with just a few clicks on the mobile phone. In the next version, we expect to see a voice-activated virtual assistant feature on the app.

The new V bank 3.0 app comes with innovative and sophisticated digital banking features which will help V bank users manage their money effectively, spend wisely and perform transactions easily with guaranteed security.

VBank 3.0 is available as V by VFD on the Play Store and Apple store. For more information, visit vbank.ng

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