The automobile market is facing one of its most difficult periods in recent years, as data from the National Bureau of Statistics show that passenger car importation has continued to decline sharply, reflecting a broader collapse in consumer purchasing power and business activity across the transport sector. According to the National Bureau of Statistics’ foreign […]
Nigerian Vehicle Market in 2025 is still shrinking. H1 figures dropped 18.4% with MG rising 60.6% into 4th, about to overtake Hyundai on the podium while the rest of the Top 10 experience losses. Economic Environment In 2025, Nigeria’s economy is projected to grow by 3.4%, sustained by increased oil production, the launch of a new domestic […]
Nigeria’s automobile market is shrinking, with many car enthusiasts adapting to refurbishing old vehicles, rather than acquiring new ones, report OLUSEGUN KOIKI and BENJAMIN ALADE. The prices of brand-new vehicles are out of the reach of average Nigerians. The skyrocketing prices are keeping many Nigerians out of showrooms, with numerous car marts struggling to remain […]
The Managing Director and Chief Executive Officer of Stock Motorcars Limited, Esu Bassey-Duke, has revealed that high-end SUVs are currently leading demand in Nigeria, driven by growing interest in newer models and the rising costs of importing older vehicles. Speaking with Nairametrics, he said that at his Ogudu car lot, mid-size to large SUVs are […]
The chances that a new car in Nigeria is Chinese are climbing quickly. On a typical Lagos street today, every third shiny SUV or Sedan may well carry a badge that, until recently, was little known outside Beijing or Guangzhou: Changan, Haval, GAC. These brands have staged one of Africa’s most unexpected automotive shake-ups in […]
Soaring living costs, high exchange rates, and rising import tariffs are pushing foreign-used cars out of reach for many Nigerians, with Nigerian-used cars becoming the popular option. This trend is fuelling a boom in the Nigerian-used cars market as more buyers turn to locally pre-owned vehicles for affordability. Findings revealed a sharp increase in vehicle […]
By Theodore Opara The African Association of Automotive Manufacturers (AAAM), the continent’s only dedicated automotive industry body has blamed the influx used vehicle into Nigeria on the inability of the Nigeria government to give legal backing to the nation’s auto policy. Victoria Backhaus-Jerling, Chief Executive Officer of AAAM, said recently, “Without legislation and effective implementation […]
Did you know that automobiles rank third among the most imported products in Nigeria? Between 2022 and 2023, the total value of used vehicle imports in Nigeria surged from N325.05 billion to a staggering N1.063 trillion, underscoring the exponential growth of this market. This burgeoning demand presents a golden business opportunity. However, to successfully navigate the world of […]
