Car Manufacturing, Assembly Records First Growth Since 2016 – NBS 

The car manufacturing and assembly industry in the country has witnessed a 2.31% growth in 2019, which represents a record growth in the sector since 2016.

Nigerian Bureau of Statistics revealed on Thursday in its fourth Quarter (Q4) 2019 GDP report.

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The industry first witnessed influx of local and foreign manufacturers in 2014, with the indigenous brand Innoson Vehicle Manufacturing (IVM) leading the automobile companies owned by Nigerians.

Other giants including Kia Rio and Hyundai staged their assembly plants in Lagos, while Peugeot launched its Peugeot 301 factory in Kaduna.

Since 2016 the trend of growth in the motor vehicle and assembly sector of the Nigerian economy has seen series of negative growth from -29.01% to -21.52% in 2016 and 2017 respectively.

Activities in the sector also depreciated by -2.54% in 2018 which signaled gradual recovery in the sector, after -29.01% decline and -2.52% decline in 2016 and 2017 respectively.

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However, in the Q4 of 2019 growth decreased by -2.13%, from -1.52 in Q3 2019.

The FG had in 2017 loaned N11 billion to auto manufacturers in other to boost production of local vehicles and support the Government’s auto policy.

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