Nigeria has the potential to become the hub of Africa's
automotive industry. Home to an estimated 170 million people, over
40 million of who are in the growing middle class, the
continent's largest economy is increasingly seen as an
attractive destination for investors across all sectors. The
largely import dependent automotive industry has become the focus
of this attention in recent times
The global automotive industry is looking for new growth
opportunities and those opportunities reside in Africa. Nigeria,
the continent's largest economy and by far the most populated
presents huge opportunities for investors in the automotive space.
The new auto industry plan which raises import duties on imported
cars makes the used car market less attractive. While this
encourages the setting up of assembly plants in the country to
serve the domestic market, the country may also become a regional
hub for West Africa.
