Dallas, TX -- (SBWIRE) -- 01/08/2014 -- 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), BMI continues 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.
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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, BMI believes the level of demand will gain the attention of major manufacturers, assuming the policy can be successfully implemented.
Major Points from Table of Contents:
Table: Nigeria Autos Historical Data & Forecasts, 2010-2017
Table: Nigeria - Economic Activity
Table: Autos Risk
Table: Nigeria's Population By Age Group, 1990-2020 ('000)
Table: Nigeria's Population By Age Group, 1990-2020 (% of total)
Table: Nigeria's Key Population Ratios, 1990-2020
Table: Nigeria's Rural And Urban Population, 1990-2020
Table: Automotive Risk
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