The Impact of Automotive Industry on the Economic Growth in Nigeria and across the World

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(as of Sep 03, 2024 03:04:11 UTC – Details)

The automotive industry has made a tremendous impact on the economy, employment, Gross Domestic Product and International Balance of Payment in economies all over the world. It has boosted these economies because it is a catalyst for other manufacturing activities. The industry also contributes to the reduction of crime and other social vices.

“The global automotive industry is estimated to reach 1,14,250 thousand units by 2024 during the forecast period 4 March 2021…” – Global Automotive Market Research Report

In 1970 the Nigerian government took a bold step in order to benefit from the positive impact of the automotive industry, and the first five automotive plants were established. This industry experienced a boom in the 1980s due to favourable government policies and patronage and as a result, the country recorded 40% local content. It also experienced increased employment, sales volume and output as a result of the adoption of the importation of complete knocked-down (CKD) rather than semi-knocked-down (SKD).

This boom was ultimately short lived due to a number of issues including a policy summersault, lack of vehicle finance and patronage by government, firms and individuals. Employment and Output reduced and SKD replaced CKD. It was further negatively affected by a surge in population and earnings by individuals which brought on a rise in the popularity of second-hand vehicles (called ‘Tokunbo).

This book is recommended by many scholars due to the author’s extensive research and his provided solutions to the automotive industry, not only in Nigeria but across the world.

ASIN ‏ : ‎ B09ZFLRR1S
Publisher ‏ : ‎ Independently published (May 3, 2022)
Language ‏ : ‎ English
Paperback ‏ : ‎ 112 pages
ISBN-13 ‏ : ‎ 979-8816955867
Item Weight ‏ : ‎ 7.8 ounces
Dimensions ‏ : ‎ 6 x 0.28 x 9 inches