Currency Depreciation, Recession Cause Steep Decline in Nigerian Auto Sales

The sale of vehicles in Nigeria declined from 600,000 in 2015 to 350,000 in 2016, according to the Nigerian Automotive Manufacturers Association.

by Staff

January 14, 2017

1 min to read

The depreciation in the Nigerian currency, the naira, compared to U.S. dollar has put upward pressure on automobile prices, in some cases, resulting in 55% price increases.

This has pushed the prices of vehicles and spare parts to a record high, which has caused a steep decline in automotive sales.

In addition to the exchange rate decline, the ongoing softness in oil price drop has created revenue shortfall in the economy, according to the Guardian newspaper. Nigeria is a major oil exporter.

The sale of vehicles in Nigeria declined from 600,000 in 2015 to 350,000 in 2016, according to the Nigerian Automotive Manufacturers Association.

Topics:Vehicle Sales Currency Nigeria Global Fleet

More Global Fleet

Global Fleet•by Staff•September 15, 2026

Holman Takes Full Ownership of ARIZA in Mexico

Holman is bringing its Mexican fleet management operation fully under its own brand after more than 30 years as a joint venture. The change gives multinational fleet customers a single Holman operation across the U.S., Canada, and Mexico.

A fleet manager viewed from behind looks up at four wall clocks, representing the time pressures and operational costs associated with vehicle downtime.

Global Fleet•by Staff•July 30, 2026

Proven Ways to Reduce Work Truck Downtime

The age-old problem of downtime will always be a reality, but with new strategies at hand, fleets have more ways to keep trucks on the road longer.

The Top 300 Commercial Fleets

The Top 300 Commercial Fleets: See the List

The Top 50 Green Fleets

The List Is in: The Top 50 Green Fleets

Two people sit across from each other at a desk during a business meeting. One person, wearing a white shirt, has their hands folded while the other gestures with a pen toward documents clipped to a clipboard. Additional paperwork and a calculator are visible on the table, suggesting a discussion involving contracts, finances, or administrative paperwork. Sunlight filters through window blinds in the background, creating a professional office setting.

Telematics•July 1, 2026

Cameras, Safety and Insurance: From Reactive Claims to Real-Time Prevention (Part 2 of 2)

Part Two: Commercial auto remains one of the most challenging and costly lines of coverage for fleet operators and insurers alike. Continue learning more about how to effectively address these issues from Onur Aksan, Enterprise Business Development Executive, Geotab

A person holding a clipboard and writing on an inspection checklist beside the wheel of a large white vehicle, likely conducting a fleet or safety inspection.

Telematics•June 1, 2026

Cameras, Safety and Insurance: From Reactive Claims to Real-time Prevention

Commercial auto remains one of the most challenging and costly lines of coverage for fleet operators and insurers alike. Learn more about how to effectively address these issues from Onur Aksan, Enterprise Business Development Executive, Geotab.

Fleet Costs Are Rising: Here’s How Leaders Are Responding

Fleet leaders are under pressure to reduce costs, adapt to economic uncertainty, and make smarter decisions. See how peers across North America are responding with real data, proven strategies, and forward-looking insights. Download the 2026 Market Pulse Report to benchmark your strategy and uncover where you can gain an edge.

A world graphic of workers holding hands surrounds a globe with a line of cars on top, representing Global Fleets.

Global Fleet•by News/Media Release•October 30, 2025

Automotive Fleet Magazine