The 2014 Nigeria Automotive Summit is a landmark gathering of government and industry leaders and follows on from the Federal Executive Council’s October 2013 approval of the Nigerian Automotive Industry Development Plan (NAIDP). The NAIDP is a 10 year strategic framework that incorporates measures and incentives that have been designed to revive the nation’s vehicle andauto-partsmanufacturing industries. These are focused on five key elements: Industrial infrastructure, market developments, standards, investment promotion and skills development.
The summit will highlight the opportunities for joint ventures, industrial infrastructure development, investments, vehicle sales, technology development, education and training.In addition, the crucial steps being taken by the Nigerian Government to support and maximize the potentials of the industry will be shared.
Nigeria is the 7th most populous country in the world with a fast growing, aspirational middle class (38 million). In 2012, Nigerian’s spent USD 3,451 billion on importing new and used vehicles into the country. It has a potential market of one million plus vehicles a year and a strong potential exists for regional exports into the West and Central African markets. Following the launch of the NAIDP, agreements have been reached with Nissan, Kia and Hyundai to assemble cars in Nigeria.Feasibility studies on establishing assembly plants in various parts of the country are currently being carried out by other automakers