‘Nigeria accounts for 75% of 15.5m registered vehicles in W/Africa’
Out of 15,507,000 registered vehicles in West Africa, Nigeria accounts for 11,869,800 vehicles or 75 per cent, it has been observed.
The chairman of the West African Automotive Show (WAAS), Mr Luqman Mamudu, disclosed this in his remarks at the WAAS 2023 conference which kicked off in Lagos on Monday.
He stated that the figure is “indicative” of the market size for automotive products supply especially for repairs/ replacement.
Speaking on the theme, ‘Transition to Sustainable Quality Automotive Parts Supply in West Africa’, Luqman, a former acting Director-General of the National Automotive Design and Development Council (NADDC), called on investors to explore the opportunities in Nigeria’s automotive market.
According to him, the choice of Nigeria for the conference followed the identification of a gap in the market for quality automotive parts and components.
“So it drew up a programme to fill the gap through extensive consultation. The programme chose the ECOWAS trade region of 15 countries including Nigeria as the scope.
“The population of ECOWAS 15 member countries is about 414 million people and Nigeria accounts for 50% of this or 200 million people.
“Furthermore, Nigeria is in its 9th year of a 10-year automotive programme with an established structure. The National Automotive Industry Development Plan (NAIDP) is currently under review for another term. So the choice of Nigeria for the event is given.
“This conference could not therefore have come at a better time especially as we welcome a new government. The outcome of the conference will prove invaluable in its automotive policy positioning.”
Luqman said Nigeria should naturally be a hub for investment, noting that, “Nigeria’s observed profile makes it the ideal hub for automotive development in West Africa. This also positions the region for healthy competition in AfCFTA.
“I wish to recognise the extensive investment by Nigerian entrepreneurs in the industry as well as the investment pipeline already established in Nigeria by many OEMs (Original Equipment Manufacturers).
“I urge them to increase and sustain the flow of technical and capital resources. Help is on the way. The new NAIDP has just been approved by the Federal Executive Council (FEC).
“I salute the effort of the Africa Association of Automotive Manufacturers (AAAM) to make Nigeria an automotive hub. Please do not relent. Nigeria remains the best option. I am sure the imminent revised NAIDP will address your concerns for investors’ assurances.”