Recently published research from Business Monitor International, "Nigeria Autos Report Q1 2015", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 01/22/2015 -- Nigeria is currently taking steps towards re-establishing local auto production, following a period where the industry had been reduced to just a handful of small-scale producers. The country's new approach is encapsulated in the Nigerian Automotive Industry Development Plan (NAIDP), which was unveiled in October 2013.
This plan aims to relaunch the Nigerian auto industry, by providing an institutional framework to boost the local production of cars, tyres and spare parts, while at the same time increasing import tariffs in order to give further support to locally produced vehicles. In September 2014, the Nigerian Automotive Industry Development Plan (Fiscal Incentives, Assurances and Guarantees) Bill passed its second reading in the Senate.
In mid-October 2014, Engineering News reported on comments from the director general of the Nigerian Automotive Council, Aminu Jamal, who stated that a total of 23 automakers have now signed agreements under the NAIDP to produce cars, minibuses, pickups, buses and trucks in the country. In November, Jamal stated that the new auto policy is expected to generate about 700,000 direct and indirect jobs.
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In April 2014, Nissan was the first foreign automaker to start domestic production as a result of the new NAIDP, with the company having partnered with local Stallion Group to assemble Nissan Patrol models at a Lagos production facility. At the time, Nissan's head of the Sub-Saharan Africa region, Mike Whitfield stated said the company wants to play its part 'in the economic growth of Nigeria and Africa'. To that end, Nissan is targeting an ambitious regional growth plan, which envisages its African sales doubling by FY2015 from the 110,000 units it sold in FY2012.
In November 2014, the Punch newspaper reported on the start of production of Nissan Almera and NP300 models at the Lagos production facility. The factory will initially cater to the domestic market with a potential production capacity of 45,000 units. 'Teams of experts...
The Nigeria Autos Report features the latest data and forecasts covering production, sales, imports and exports.
Business Monitor International (BMI)'s Nigeria Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Nigeria.
- Benchmark BMI's independent automotives industry forecasts on Nigeria to test other views - a key input for successful budgetary and planning in the Nigerian automotives market.
- Target business opportunities and risks in the Nigerian automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Nigeria.
- Assess the activities and market position of your competitors, partners and clients via our Competitive Landscape Analysis.
BMI Industry View
Summary of BMI?s key industry forecasts and views, covering production, sales and the introduction of new technology or products.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the autos sector and within the broader political, economic and business environment.
BMI Industry Forecasts
Historic data series and forecasts to end- 2019 for all key industry indicators (see list below), supported by explicit assumptions plus analysis of key downside risks to the main forecast, including: Sales and production of motorcycles in units; total production of units; production by vehicle type (including cars, commercial vehicles, trucks and buses); total vehicle fleet size in units; sales by vehicle type, including passenger cars and commercial vehicles; fleet size by vehicle type, including passenger car, commercial vehicles and motorcycles; total vehicle trade balance in units; vehicle trade balance by vehicle type, including passenger car, commercial vehicle and motorcycle; car ownership measured as car density per 1,000 people.
BMI?s Autos Risk Reward index
BMI?s Risk Reward Indices provide investors (manufacturers, suppliers and dealers) looking for opportunities in the region with a clear country-comparative assessment of a market?s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide indices of highest to lowest appeal to investors, with each indices explained.
BMI Economic Forecasts
BMI forecasts to end-2019 for all headline macroeconomic indicators, including real GDP growth, inflation, fiscal balance, trade balance, current account and external debt.
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