Introduction: 
Plastic has significantly impacted Nigeria’s economy, revolutionizing various sectors due to its functionality, aesthetics, and reliability. Plastic storage tanks play a vital role in storing substances used in industrial processes, such as water, sewage, petroleum, and chemicals. These tanks find applications in diverse industries, including agriculture, oil/gas, water treatment, medical, and pharmaceuticals. The rotational molding process, which allows for stress-free moldings of various shapes and sizes, is commonly used for plastic tank production.
This study evaluates the market potential and feasibility of establishing a manufacturing facility to produce plastic storage tanks in Nigeria to cater to the growing demand from various industrial and residential sectors.

Market Overview
Plastic storage tanks play a vital role in storing water, chemicals, and oil/lubricants, serving various industries and households. These tanks find applications in key sectors such as water treatment, manufacturing, construction, agriculture, and residential use
Market Analysis
The total market demand for plastic storage tanks in Nigeria exceeds 500,000 units annually, driven primarily by the water treatment, food and beverage, chemical and pharmaceutical, and residential segments. Currently, over 60% of this demand is met through imports, creating opportunities for domestic production. There is significant potential to offer customized tank solutions that cater to specific application requirements.
Proposed Project
New manufacturing plant with initial installed capacity of 50,000 tanks per annum
Located in Asaba, Delta State with proximity to major demand clusters and access to key raw material sources,
Utilize rotational molding technology to produce seamless, durable plastic tanks of varied sizes/designs
Implement stringent quality control processes and acquire relevant certifications (FDA, NSF, etc.)

Produce diverse tank range (cylindrical, vertical, horizontal, double-walled) for varied end-use applications
Financial Viability
The estimated total capital investment covers expenses for plant, machinery, molds, and working capital. Revenue projections anticipate significant growth by year 5, assuming a 70% capacity utilization rate. The financial metrics demonstrate attractiveness, with a projected payback period of under 4 years and an Internal Rate of Return (IRR) exceeding 25%. There is potential to expand capacity and product range in response to future market growth.

Key Success Factors
Ensuring reliable and cost-effective sourcing of quality plastic resins (HDPE, PP, XLPE),
Achieving production efficiencies through optimized processes and quality control,
Developing strong relationships with major industrial customers through customized solutions,
Investing in effective branding and distribution network for residential/retail tank sales

This feasibility analysis concludes that the proposed plastic storage tank manufacturing project represents a commercially viable and financially lucrative opportunity based on the considerable market demand, import substitution potential, and positive economic indicators. However, strategic sourcing, production efficiency, customer relationships, and effective marketing are critical success factors