Car sales more than halved in 2015, and shrank by an additional 23% in 2016, falling to their lowest levels since the 2007-08 global financial crisis. The Economist Intelligence Unit expects sales to stabilise at 20,000 this year, with a stronger rebound beginning in 2018. We expect car sales to grow at a compound annual growth rate (CAGR) of 8% during 2017-21.
Peugeot Automobile Nigeria (PAN), a unit of PSA Peugeot Citroën (France), used to be the only major domestic producer of passenger vehicles. However the Automotive Industry Development Plan (2013-24) has encouraged foreign carmakers to establish small local production plants. Still, domestic output remains low, as even modest domestic production capacity is underutilised.
Industry List: Automotive, Automotive, Commercial and other vehicles, Automotive, Fuel sources, Automotive, Passenger vehicles
Industry Codes (NAIC): 336
Industry Codes (SIC): 37
Automotive report: Overview
Automotive report: Passenger cars
Automotive report: Commercial and other vehicles
Automotive report: Production
Automotive report: Fuel sources