Multinational network predicts a bright future for Nigeria's automotive industry

PricewaterhouseCoopers(PwC) has released a report and it predicts big things for Nigeria's automotive industry.

However, these things will not come easy.

In the report titled ‘Africa’s next automotive hub’, PWC says Nigeria could be the automotive capital of Africa by 2034.

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According to this report, this can be done if the President of Nigeria, Muhammadu Buhari, takes the implementation of the auto policy introduced in 2013 seriously.

This would encourage local production of new vehicles, thereby leading to the extinction of 'Tokunbo' cars.

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Data shows that Nigerians have imported 335,000 'Tokunbos’, as well as 90,000 new cars, but only 30,000 cars have been assembled locally.

If the government implements the import tariff rates in the automotive policy, 70& on both fully built cars and used vehicles, people would turn to locally assembled vehicles which are 0%.

This would increase the country's GDP, thereby making Nigeria the16th largest by 2020 and the 9th largest economy in the world by 2050.

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Do you think Tokunbos could ever be extinct in Nigeria?