Hello Blogfam,thanks for your comments and contributions on previous posts,you make writing fun.
I’ll be writing on the part 2 of one of our previous Articles Titled “AUTOMOTIVE” – the previous post had the meaning and introduced us to the various Automotive industries available in the world,spread across different nations.
On today’s Blogpost we’ll be critically looking into : Automotive Industry In Africa
Over the last two decades we have seen robust growth in virtually every facets of Africa, which has been accompanied by a rise in disposable incomes, growth in GDP and the emergence of the African consumer . While Africa remains the second-fastest growing region after Asia, a number of countries have been hit hard by lower global commodity prices. Some countries are eagerly relooking their business models.
In recent times,when looking at things through the automotive lens, we believe that Africa is among the final frontier for the global automotive industry.
Research has shown that 3 countries especially in Africa has recorded great exploits and has great potential in the autos sector. We zoomed in on these African Countries which are Ethiopia, South Africa and Nigeria and share the findings and insights in this report.
The global automotive industry is looking for new growth opportunities and we can all agree to the fact that Africa is a strategic market for automotive. Nigeria, the continent’s largest economy and by far the most populated presents huge opportunities for investors in the automotive space. This encourages the setting up of assembly plants in the country to serve the domestic market, the country may also become a regional hub for automobiles.
The Automotive industry in Nigeria dates back to the 1950s and consists of the production of passenger cars and commercial trucks. This production was led by United Africa Company The assembly line of Bedford,TJ trucks and SCOAN production of Peugeot 404 pickup trucks
In 1970s,the Federal Government of Nigeria signed joint venture partnerships with foreign car manufacturers to assemble vehicles and provide technical assistance towards vertical integration within the local industry.
In 1980,The commercial vehicles manufacturers, Leyland, Anambra Motor Manufacturing, and Steyr competed with Bedford truck for dominance. The companies simply assembled kits and knocked down parts imported from abroad.
In 2000, there was rise in imports of affordable used cars which negatively impacted the development of a growing industry. Recently, a local brand, Innoson has opened an assembly plant in the country. Some of the old plants have been sold to new manufacturers.
Innoson is the first completely indigenous car assembly company in Nigeria but under the control of multinational companies. It launched the first wholly made-in-Nigeria car in 2014 – the IVM 6490 A.
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