Nigeria’s automotive industry is one of the most significant in Africa, boasting one of the continent’s largest vehicle parks. With a rapidly growing economy and a strong demand for transportation, the country presents substantial opportunities for automotive and industrial component manufacturers. Understanding the distribution and scale of vehicles in operation (VIO) is crucial for companies looking to enter or grow in this market.
In a recent project for a leading manufacturer of automotive and industrial components, africon conducted an in-depth analysis of Nigeria’s vehicle market. Our research in 2024 revealed that the country has approximately 10.4 million light vehicles, 20,000 medium commercial vehicles (MCVs), and 562,000 heavy commercial vehicles (HCVs). The vehicle parc is relatively concentrated, with Lagos accounting for 30% due to its role as the economic hub and Nigeria’s largest city. The Niger Delta region follows with 20%, driven by industries such as oil & gas, while Northern Nigeria holds 15-20%, supported by its large population and Kano’s position as a key commercial center.
africon provided the client with a comprehensive market assessment and strategic recommendations to leverage local opportunities effectively. By mapping the vehicle parc and its distribution, we helped our client refine their market approach and sales strategy.
What is your potential in Africa? If you have any questions, contact us at info@africon.de
Read previous SOTMs (Slides of the month) here
Slide of the Month (SOTM) December. The majority of Egypt’s MedTech imports come from Germany
Slide of the Month (SOTM) October. Vitamins & minerals market size of selected countries in Africa
Slide of the Month (SOTM) September. Africa’s sweets and snack market is currently worth $50 billion
