Nigeria is one of the world’s largest car importing countries importing between 300,000 to 400,000 vehicles per annum. For a country with a population of over 200 million and the current number of cars in circulation at between 2.9 million and 3.2 million cars, the number of cars available to Nigerians is one car for every 86 persons which is grossly inadequate because South Africa has a car per capita of 1 for every 6 persons whereas Egypt has 1 for every 12 persons. They growth in car sales every year is between 6 and 15% per annum. Of all imported cars being sold in the market, second hand cars (Tokunbo) make up more than 90% (since most cars are imported and the naira is weak, brand new cars don’t come cheap) of them whereas brand new cars (tear rubber) make up the remaining 8 to 10%.




Market data Description Imported Cars per annum Over 300,000 in 2021 Main importing countries USA (over 30%), Germany, rest of EU, Cotonou and Togo Yearly growth in car imports Between 6 to 15% Av. price of fairly used cars Tokunbo (1.2 million +), Nigerian used (500,000 and above) Per capita car usage 1 for every 86 Nigerians Purpose Commercial use (55%), private use (45%) Market size More than 144 billion naira imported in 2021

There is a huge market for car sales in Nigeria as Nigerians buy cars every year for different reasons. Nigeria is a very large country by population and it has a sizeable middle class population -


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