WAAS 2024: Exhibitors Eye Nigeria’s $10bn Automotive Industry

Exhibitors at the West Africa Automotive Show (WAAS) 2024 have set their sights on Nigeria’s burgeoning automotive industry, estimated to be worth over $10 billion.

The event, which was held at the Landmark Event Centre, Lagos between May 14 and 16, showcased the latest innovations and technologies in the automotive sector and attracted a diverse array of exhibitors keen to tap into Nigeria’s vast market potential.

Some exhibitors speaking with journalists described the Nigerian market as very large. 

They stated that the country’s business environment favours the automotive industry due to its large population and the strong demand for quality spare parts from vehicle owners. Some are now looking to invest in plants in the country.

Maksim Dallinhuk, representing Kabat Tyre, Poland said the plan of the company includes establishing plants in the country given the huge market Nigeria presents.

“The West Africa Automotive Show provides a unique opportunity for us to connect with potential distributors and customers in Nigeria particularly and the West African region in general. We are distributors of various kinds of tyres and look at the potential opportunity in West Africa especially Nigeria and we have continued to tap into the market and grow it.

“We have been able to support the subsector in places like Ethiopia and Kenya and are doing the same in Nigeria” stated Dallinhuk.

Exhibition Manager, Georgina Lloyd, said WAAS was designed to boost the growth of Nigeria’s automotive industry and foreign investors are keen on establishing their presence in the country to sustain the trajectory.

She said, “With Nigeria spending an estimated N14 trillion ($10 billion) yearly on vehicle parts importation, part of the remit for WAAS is to help build the domestic industry. The event is an opportunity to shine the spotlight on local success stories and boost workforce knowledge and skill sets, while also helping shape national policy.

“In addition to exploring opportunities to build Nigeria’s automotive parts industry being discussed in the conference programme, WAAS will spotlight Nigeria’s automotive industry with 24 local businesses in the exhibition.

“WAAS also bring in international expertise via global companies and we know our overseas exhibitors are keen to work and find business partners in Nigerian entrepreneurs.

“WAAS connects suppliers, dealers, and manufacturers, creating an unparalleled networking environment exclusively tailored for the West Africa automotive industry, including auto parts and solutions.

President of the Auto Spare Parts and Machinery Dealers Association (ASPMDA), Lagos, Hon. Ngozi Emechebe, expressed her excitement about the sustainability of the exhibition which has continued to deepen the growth of the industry and helped the businesses of her members.

“Our members have always been the biggest beneficiaries since the B2B started hosting the exhibition in the country because we don’t need to spend substantial resources travelling abroad to engage with manufacturers and import products, the manufacturers are present here and our members can directly interact with them and negotiate deals,” she said.