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Sep
11
2014 Nigeria Automotive Summit
Posted by Les Lumbu on 11 September 2014 07:30 PM

The 2014 Nigeria Automotive Summit is a landmark gathering of government and industry leaders and follows on from the Federal Executive Council’s October 2013 approval of the Nigerian Automotive Industry Development Plan (NAIDP). The NAIDP is a 10 year strategic framework that incorporates measures and incentives that have been designed to revive the nation’s vehicle and auto-parts manufacturing industries. These are focused on five key elements: Industrial infrastructure, market developments, standards, investment promotion and skills development.

 The summit will highlight the opportunities for joint ventures, industrial infrastructure development, investments, vehicle sales, technology development, education and training.In addition, the crucial steps being taken by the Nigerian Government to support and maximize the potentials of the industry will be shared.

KEY FACTS

Nigeria is the 7th most populous country in the world with a fast growing, aspirational middle class (38 million). In 2012, Nigerian’s spent USD 3,451 billion on importing new and used vehicles into the country. It has a potential market of one million plus vehicles a year and a strong potential exists for regional exports into the West and Central African markets. Following the launch of the NAIDP, agreements have been reached with Nissan, Kia and Hyundai to assemble cars in Nigeria.Feasibility studies on establishing assembly plants in various parts of the country are currently being carried out by other automakers


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Sep
11
Nigerian Imports
Posted by System Administrator on 11 September 2014 02:46 PM

 

Imports of small, inexpensive new cars from India and China have increased in several African countries in recent years, mainly in South Africa. But in Nigeria these companies are only starting to enter the market. China's Chery Automobile Co. has five showrooms in Nigeria, and China's Geely Automobile Holdings Ltd. 0175.HK +1.12%  and India's Tata Motors Ltd. TTM -0.39%  also have begun selling cars here. Nigerian used-car dealers say they expect new cars from China to be serious competition within five years but that used cars from the U.S. still dominate the market.

 


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