The import of motor vehicles for the transport of persons to Nigeria has seen significant variability over the past decade. Starting from a peak in 2014, the value experienced a notable decline in 2016 and then fluctuated with a mix of modest recovery and decline in subsequent years. By 2023, the import value stood at 0.77885 billion USD, reflecting a general downward trend. The year-on-year variation from 2022 to 2023 recorded a decrease of 6.21%, while the compound annual growth rate (CAGR) over the last five years highlights a decrease of 8.54%.
Future projections indicate a continued decline in import value, with a forecasted CAGR of -6.76% from 2024 to 2028, representing a notable reduction of 29.52% over five years. This suggests the trend will likely continue downward.
Trends to watch for include:- Economic policies affecting importation- Changes in local manufacturing capabilities- Shifts in consumer demand for motor vehicles
