Nigeria Autos Report Q3 2013: New research report available at Fast Market Research

From: Fast Market Research, Inc.
Published: Fri Sep 06 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 H2 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. In July 2013 Japan's secondbiggest car manufacturer, Nissan, listed Nigeria as one of the key markets it was targeting for the expansion of its small passenger vehicle product lines. The company has set a target to double vehicle sales in Sub- Saharan Africa to 220,000 units by 2016. The Micra, Almera and Sentra cars are expected be added to the product range, which includes sport-utility vehicles, commercial vans and 'bakkies'. Nigeria is one of several markets being targeted, which it is hoped will help to offset a continued slow-down in sales in South Africa. Meanwhile, in June 2013 Indian motorcycle producer Mahindra2Wheelers was reported to be looking to import to a number of Sub-Saharan African markets from 2013.

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The industry is seeing some new entrants ramping up their exposure to an increasingly competitive auto market. In June 2013 Dana Motors Limited, the distributors of Kia Motors in Nigeria, announced that it had entered into a partnership with retail bank Stanbic IBTC to launch a financing scheme for customers. The deal will include several Kia models including the Picanto, Rio, Cerato, Optima and Cadenza, Sportage, Sorento, and Mohave as well as the K2700 Light truck. The deal continues Kia's expansion in the Nigerian market with the company having launched the new Cerato models in April 2013. Meanwhile, Suzuki has launched its Swift Dzire sedan model in early 2013 as it aims to acquire 20% of the market segment within its release year, using a model adapted from its hatchback unit. The model will be pitched against others in the sedan bracket in Nigeria, including Kia and Hyundai in particular.

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