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| President Buhari admires a Made In Nigeria Peugeot car |
Nigeria’s automobile sector is set to contribute more to the global automobile sales in 2016 following establishment of more manufacturing units in the country.
According KPMG 2015 global Automotive Summary Survey, the automobile industry across Africa will increase in volume with global sales expected to pass the 100 million mark and continue to rise till the end of the decade.
In 2015, investment in the automobile industry in Nigeria was at an all time high, as more than 12 automobile manufacturing plants including cars, bikes, tricycles, and trucks began production in Nigeria.
Analysts believe that the rise in local automobile manufacturing industry, investors, auto financing and favorable government policies, 2016 promises to be an interesting year for Nigeria’s automobile industry.
It is estimated that the revenue generated from this sector will produce 25 per cent of the national GDP in the first quarter of 2016.
Also in 2015, vehicle ownership increased with the availability of locally manufactured cars, increase in the availability and sale of Nigerian used cars and access to car loans.
