Nigeria’s auto market projected to hit 50,000 units in 3 years – TIM Motors

By Henry Obetta

LAGOS — The Chief Executive Officer of TIM Motors, Leon Zhan, has projected that Nigeria’s new car market will grow to at least 50,000 units within the next three years, with the company targeting a 10 to 20 per cent market share.

Speaking at a strategic growth summit in Lagos, Zhan outlined the company’s ambitious plan to penetrate the Nigerian automobile market by offering affordable, high-quality Chinese new cars, specifically targeting the top 10 per cent of the used car market.

He identified the influx of second-hand vehicles from North America—estimated at between 500 to 600 units monthly—as a major challenge for the industry. According to him, most of these vehicles come with questionable quality and lack transparency, making it difficult for customers to assess their true condition.

“In Nigeria, we import nearly 500 to 600 second-hand cars from North America. However, the quality is not transparent, and when compared to new Chinese cars, they are not price-competitive,” Zhan said.

He noted that TIM Motors aims to replace at least 10 per cent of used car sales with Chinese new cars, supported by warranty, better pricing, and financing solutions. To this end, the company is partnering with Chinese financing institutions like C&D to offer flexible payment plans to Nigerian consumers.

Zhan also stressed the importance of government support to foster growth in the sector. He called on policymakers to introduce incentives that promote the use of new Chinese cars over imported used vehicles.

“We are going to employ at least 100 to 200 local workers and provide training, especially in new energy vehicle maintenance. This will help solve unemployment and gradually build a local supply chain,” he said.

He expressed confidence in TIM Motors’ long-term strategy, emphasizing collaboration with local partners and government as key to developing a sustainable auto industry in Nigeria.

Also speaking at the event, Henry Orajiaka, CEO of MINADI, a subsidiary of Motomedia Group, described the company’s strategic partnership with TIM Motors as a potential game changer for Nigeria’s auto sector.

“This partnership will transform the automobile landscape in Nigeria, given the high quality and advanced features of the vehicles and the comprehensive service offerings that come with them,” Orajiaka said.

The post Nigeria’s auto market projected to hit 50,000 units in 3 years – TIM Motors appeared first on Vanguard News.