Boston, MA -- (SBWire) -- 11/22/2013 --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.
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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.
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