"Nigeria Autos Report Q4 2013" is now available at Fast Market Research

From: Fast Market Research, Inc.
Published: Sun Nov 10 2013

In our revised data set, we estimate the total vehicle market to have reached 48,500 units in 2012, down 5.5% from the 51,300 vehicles sold in the previous year. We believe the decline is reflective of the tough macroeconomic environment in the country during the year. The July 2012 flooding submerged thousands of acres of farmland and displaced millions of people. Meanwhile, the economy was also grappling with oil theft which had damaged pipelines and constrained production; as well as ongoing violence. Nigerian real GDP growth dropped from 8% in 2011 to an estimated 6.6% in 2012.

In 2013, we forecast the new vehicles market to post a strong rebound on the back of favourable effects and recovery in the agricultural sector.

Meanwhile, there are signs that the Nigerian government is finally beginning to shoulder a serious role in encouraging - and protecting - domestic production. The National Automotive Council (NAC) claimed in June 2013 that it has distributed some NGN7bn (US$42.8mn) in loans to vehicle manufacturers under its auto development scheme. This followed the NGN15bn sanctioned by the government in February 2013 for the purchase of locally manufactured buses. In the previous month, the Standards Organisation of Nigeria announced it was planning to regulate second-hand imports based on the condition of major components, such as the engine, and emission levels rather than imposing a maximum age, which had been an idea floated previously. Speaking at the body's monthly seminar in July, the RMDC's director general, Professor Peter Onwualu, called for a maximum age of 10 years for used imports, in a bid to reduce pollution. The NAC estimates that imported vehicles alone account for around 50,000 units a year Similar calls to restrict import of cars were also voiced by new management at Peugeot Automobile of Nigeria (PAN), In September 2013, the Asset Management Corporation of Nigeria (AMCON) acquired a 80% stake in PAN. The new management has also reportedly come up with five key strategies to bolster growth in PAN, and stressed the need for favourable government policies aimed at supporting local manufacturers and helping them compete with their foreign counterparts.

Full Report Details at
- http://www.fastmr.com/prod/712806_nigeria_autos_report_q4_2013.aspx?afid=301

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