New Transportation research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 06/03/2013 -- BMI sees considerable strengthening in vehicle production, vehicle imports and car ownership in Nigeria's auto industry over the next few years. One of Africa's most powerful economies is expected to continue performing well in 2013, with growth potentially breaking 7% amid controlled inflation and a stable currency. A strong economy is also likely to be a boon for auto loans in the country as Nigeria's banks expand amid stability, providing a growing middle class with greater access to credit.
A number of carmakers therefore have their eye on Nigeria's auto market. This was reflected in the line-up for the Lagos Motor Fair scheduled for May 2013, where domestic players such as Peugeot Automobile Nigeria (PAN) are to be joined by models including Ford, Volvo, Skoda, Mack, Chevrolet, BMW and Mercedes. Carmakers from Japan, South Korea and China are expected to feature models at the event. Auto-parts suppliers, accessory manufacturers and dealers are also expected to make an appearance at the show - including more than 70 original equipment manufacturers - with organisers attempting to boost the prominence of parts companies in particular in 2013.
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