The industry’s more than 10,000 firms produce more than 70,000 products. In 2012, the U.S. chemicals industry had sales of $769.4 billion and directly employed more than 784,000 workers, with additional indirect employment by industry suppliers of more than 2.7 million. With investment of $57 billion in research and development in 2012, and strong enforcement of intellectual property rights, one-fifth o f all patents granted in the United States are chemistry-related.
Strong product identification and quality, access to low-cost natural gas, a highly educated workforce, world class research centers, protection for intellectual property, and a robust regulatory system make the United States a competitive home for chemicals firms from across the globe.
Industry experts in Nigeria should implore the federal Government of Nigeria, the legislature and associated agencies to replicate the working template of the United states model and grow the industry which is currently expanding expectedly in proportional to the above growth estimates of Nigeria economy.
Chemical Industry Subsectors
Basic Chemicals: These include organic and inorganic chemicals, plastic resins, dyes and pigments. Plastic resins, in particular, have experienced significant growth as a replacement for traditional materials in the automotive, construction, and packaging end-use markets.
Specialty Chemicals: These include adhesives and sealants, water treatment chemicals, plastic additives, catalysts and coatings. These chemicals are performance-oriented and typically include customer/technical servicing as an aspect of their sales.
Agricultural Chemicals or Agro-chemicals: These play a crucial role in the farm economy and the food processing sector. Thanks to modern agriculture, farmers will doubled the production food supplies in Nigeria if properly managed, they will also tripled the output of foods like cooking oils and meats, and increased per capita food supplies in the country.
Pharmaceuticals: These include diagnostics, prescription drugs, vaccines, vitamins, and over-the-counter drugs for human and veterinary applications. This subsector also includes biotechnology products. Strategic investment in companies, facilities, and research and development is especially important for this sub-sector, Nigeria government should encourage entrepreneurial participation in this sub-sector especially in the provision of technical and financial backing for willing investors.