Nigeria Auto Market 2016 hit by the deepest economic crisis of the last 25 years and fell down at the lowest level in last 10 years. Over 30 licences released to locally produced are parked for better times. Toyota shining.
Nigeria is set to have closed 2016 with its worst GDP figure in 25 years as low oil prices, tight monetary liquidity and militant attacks on oil infrastructure rocked the economy.
Although economic activity is showing some faint signs of improvement, conditions remain challenging and weakness persists at the outset of the year. These concerns were expressed by credit rating agency Fitch Ratings which downgraded the country’s outlook to Negative from Stable
In such harsh environment any expectations for the re-born of the automotive industry has been broken. While almost 30 carmakers have negotiated the licence to locally build vehicles, in line with the NAP plans, all plans had been frozen waiting for more favorable times.
Indeed the domestic market struggled all the year ending the 2016 at the lowest level in last 10 years with 36.132 sales, down 26.0% from the previous year. Unfortunately 2017 outlook is still negative.
Tables with sales figures
In the tables below we report sales for Top Brands