Key Market Indicators
Nigerian vehicle registration has seen a significant decline in 2023, with just 3,440 units registered. This marks a steep drop from the 5,250 units recorded in 2022, representing a 34% decrease year-over-year. The downward trend is not a recent phenomenon; the Nigerian automotive market has been struggling for over a decade. Since 2010, the market has seen a consistent yearly decline of approximately 27%. This prolonged slump highlights broader economic challenges and shifting consumer behaviors within Nigeria, affecting the automotive sector's stability and growth prospects.
