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; N85million –N90 million
The 2024 Toyota Land Cruiser continues to be a top choice among wealthy Nigerians who need a vehicle that goes beyond looks and delivers true capability. With its rugged build, high ground clearance, and dependable four-wheel-drive system, the Land Cruiser is built to handle the country’s toughest terrains.
Favored for its low-end torque, strong chassis, and water-wading ability, the Land Cruiser is more than just a luxury SUV; it’s a workhorse.
Its durability, ability to withstand harsh driving conditions, and strong resale value make it a reliable investment, especially for those who travel frequently across regions or operate in industries. Add in the availability of spare parts and its proven track record on Nigerian roads, and it’s clear why the Land Cruiser remains in a class of its own.
I think you are talking about new cars and should have pointed it out.
Cos when it comes to new & used, no cars pushed through the doors like Corolla (2003 – 2024) & Honda Accord (2013 – 2021).
I saw a post on X that concurred.
https://x.com/autocareplusng/status/1943945135198228920?t=i5wtLFGnFPnXwGuDHHNxPQ&s=19