In 2024, Nigeria’s auto market adjusted to a new reality.
Following months of foreign exchange volatility and tightening import regulations, buyers recalibrated their priorities.
Affordability, fuel efficiency, and reliability took precedence over badge prestige. Even among wealthier customers, value retention and cost of ownership began to influence decisions in ways rarely seen before.
According to the latest foreign trade report from the National Bureau of Statistics (NBS), the total value of passenger car imports dropped by 14.3% to N1.26 trillion, down from N1.47 trillion in 2023.
The decline came on the heels of a dramatic spike in 2023, when vehicle importation had more than doubled compared to 2022. By 2024, the market had cooled, and both consumers and importers recalibrated.
In this article, we take a look at the best-selling vehicles of 2024, offering a snapshot of how middle- and upper-income Nigerians adapted to economic pressures, what corporate buyers prioritized, and why certain models consistently moved off lots while others sat unsold.
Below is a breakdown of the models that dominated the Nigerian market and the average price tags they carried
- Price: N40m to N50m
The 2015 to 2018 Toyota Highlander Limited and XLE trims have become a popular choice among Nigerian buyers for their bold, muscular design and reputation for reliability.
Often seen as the “muscle” of Toyota’s SUV lineup, the Highlander gives off a sense of strength and confidence, backed by solid on-road performance and durability.
Beyond its looks, the Highlander is also relatively affordable compared to other SUVs in its class, making it attractive to middle- and upper-middle-class families, corporate buyers, and business owners.
