The Nigerian economy, as measured by the country’s Gross Domestic Product (GDP), has experienced significant growth. Between 2021 and 2023, the GDP increased at a compound annual growth rate (CAGR) of 20.68% in nominal terms. The current GDP stands at N24,825,000,000, while the Nigerian GDP per capita is $2,184.
A noticeable trend in the economy’s growth pattern is the increasing contribution of the non‐oil sector, particularly the agricultural and manufacturing sectors to the nation’s GDP.
It is expected that in the years ahead, other key sectors such as construction, consumer goods and tourism may begin to play more important roles in overall economic growth and development. As the on‐going economic reforms continue to trickle down into other segments, and barring any unforeseen circumstances, we expect a much more balanced and self‐sustaining economy in years to come.
 
Commercial production of paint commenced in Nigeria in 1962 by Berger Paints. Before now, several key paint industry players has also been incorporated such as DN Meyer, International Paints West Africa and CAP Plc. Berger Paints Nigeria Plc was incorporated on 9th January 1959 as British Paints (West Africa) Limited.
 
The total estimated market for Emulsion Paints in Nigeria is about 1 billion gallons per annum while the total market for all paint products totals 1.4 billion gallons per annum. The paint industry in Nigeria presently has over 1,000 operators. These operators are broadly categorized into three. The first category made up of about seven companies called the premium paint makers or Grade A manufacturers of paints.
 
Local market for paints was gradually developed and this built up the confidence of the expatriate owners to venture into paint manufacturing after critically looking into the potential of Nigerian market.
 
Paint manufacture is a relatively simple batch process. Basically, this is a physical process where raw materials such as pigment, a pigment vehicle, binder, solvents and additives are mixed in quantities ranging from 1,000 liters to 20,000 liters. This process is not capital intensive, which accounts for the low cost of entry into low technology paint manufacture.
 
 
 
The SWOT analysis showed that the opportunities of the business outweigh the challenges and was concluded that paint production idea is healthy and feasible in Nigeria.