Executive Analysis of Nigerian Passenger Vehicle Market

The passenger vehicle market in Nigeria has experienced significant growth in the recent years. The market is dominated by sedans and vans/pickups such as Toyota Camry and Honda Accord. Luxury cars constitute a small portion of the new vehicle sales but the segment will grow the fastest in the coming years due to increasing disposable income of Nigerians. The market is currently dominated by Japanese and South Korean original equipment manufacturers (OEMs). The new automotive policy is aimed at encouraging local production of vehicles and creation of jobs in the country which will help Nigeria become an automotive hub in West Africa.