oil company, Conoil Plc, has been admitted into the Economic Community of West African States (ECOWAS) Trade Liberalisation Scheme (ETLS) in a move that will see the company export products into the other markets in the ECOWAS sub-region duty-free.
The ETLS admission qualified Conoil to participate in ECOWAS Export Expansion Grant Scheme (EEG) and enjoy at least 30 percent rebate on its yearly export earnings, a statement released by the company said.
With this official recognition, the downstream operator plans to expand its services to other West African countries.
The trade liberation scheme was initiated by ECOWAS to eliminate trade barriers, facilitate trade integration, improve the foreign exchange earnings of companies of member states and create more jobs in their respective countries.
“Conoil’s foray into the export market came from an exhaustive business research, which revealed a viable market for the company’s brand of engine oils in the sub-region.”
The Nigeria Export Promotion Council (NEPC) had earlier certified the quality of Conoil lubricants as export compliant.
The company currently controls about 30 percent of the nation’s lubricant market and has also committed substantial investments to upgrade and expand its lubricant blending plants at its depots at Apapa, Lagos, Port Harcourt and Kano with a view to meeting and surpassing customers’ ever increasing demand for its quality engine oil.
It’s flagship lubricant brands, Quatro and Golden Super Motor Oil, hold top positions in the Nigerian market and are adjudged the brand of choice.
Conoil Plc is owned by billionaire Nigerian entrepreneur Mike Adenuga.