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.
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