Nigeria’s auto industry stands at a critical juncture, full of untapped potential but grappling with structural imbalances.
Once thriving in the 1960s and 1970s due to strong government backing, the sector’s trajectory was altered by privatization in the 1980s, leading to a steep decline in local vehicle production.
According to the former Minister of Trade, Industry and Investment, Doris Uzoka-Anite, the industry contributes only 0.04% to the country’s GDP, despite having the capacity to contribute up to 25%.
The minister also noted that while only about 10,000 people are currently employed in the sector, the industry could employ up to 300,000 Nigerians if adequately revived.
According to Nairametrics, Nigeria imported N546.79 billion worth of vehicles in 2020, which increased to N695.40 billion in 2021. However, imports declined slightly to N655.69 billion in 2022 before soaring by 124.7% to N1.47 trillion in 2023, fueled by increased demand and inventory buildup by auto dealers.
In 2024, imported cars saw a sharp 14.3% drop to N1.26 trillion, a reversal of the previous year’s boom, reflecting the deepening impact of economic instability on consumer spending.
The gap between vehicle demand and local production is an area of concern. Reports from the International Trade Administration indicate that Nigeria needs about 720,000 vehicles annually, but domestic assemblers can only supply 14,000 units, leaving the country heavily reliant on used imports.
Against this backdrop, a number of companies are making bold moves to restore Nigeria’s automotive legacy.
Here are the key players driving Nigeria’s vehicle assembly industry:
Founder, Coscharis Motors, Dr. Cosmas Maduka
Coscharis Motors is a flagship subsidiary of the Coscharis Group, founded and led by Dr. Cosmas Maduka, a renowned Nigerian entrepreneur.
He built the company from humble beginnings into an indigenous conglomerate that spans automobile sales and assembly, auto care, ICT, agro-allied industries, and more.
Coscharis Motors began local assembly operations in 2015. Initially, it operated from an Ikeja facility with Joylong buses, Ford Ranger pickups.
In 2017, it moved to a purpose-built assembly facility located at the group’s headquarters in Awoyaya, Lekki–Epe Expressway, Lagos, later including Renault, Duster SUVs, and Logan sedans.
The assembly plant, as of 2022, had a theoretical capacity of approximately 90 vehicles per day, translating to around 5,000 vehicles per year at a single-shift rate, and up to 13,000–26,000 units annually if the facility runs at full potential as a multi-brand CKD factory. Staff strength for the Assembly plant is 86, with 74 Nigerians and 12 expatriates.
Maduka is also recognized for securing exclusive Nigerian franchises for luxury brands like BMW, Mini, Jaguar Land Rover, Ford, MG, and Rolls-Royce.
