2014-01-09 07:39:01 - Nigeria Autos Report Q1 2014 - a new market research report on companiesandmarkets.com
After a 5.5% drop in sales in 2012 (reflective of the tough macroeconomic environment during the year; the July 2012 flooding and ongoing violence in the country), analysts continue to forecast that the new vehicles market will post a strong rebound in 2013 and in 2014, when we forecast a 7.8% rise in sales, to 59,598 units.
The Nigerian economy is set to be one of the continent´s strongest performers in 2014. We expect headline real GDP growth to register 7.2%, up from an estimated 6.5% in 2013. Furthermore, coming in at 8.2% year-on-year (y-o-y) in August 2013, inflation is at five-year lows and this will provide a boost to the purchasing power of Nigerian consumers.
Meanwhile, there are signs that the
Nigerian government is finally beginning to shoulder a serious role in encouraging - and protecting - domestic production. Nigeria´s Federal Executive Council has approved a new Automotive Industrial Policy Development plan, aimed at addressing the shortcomings of previous policies and attracting investment in domestic production, in order to reduce the country´s soaring vehicle import bill. Given the growth in vehicle imports in recent years, analysts believe the level of demand will gain the attention of major manufacturers, assuming the policy can be successfully implemented.
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