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Nigeria’s Luxury Car Market to Experience Steady Growth Despite Rising Inflation
By Maxim Makarchuk
Nigeria’s luxury car market is experiencing remarkable growth despite the challenges posed by rising inflation and economic turbulence. This is unsurprising as the industry stands as a symbol of elegance, prestige, and affluence in Nigeria’s dynamic economic landscape. According to Statista, revenue in the Nigerian luxury car market is projected to reach USD 32 million by the end of 2024. The industry is expected to have an annual growth rate (CAGR 2024-2028) of 14.75%, resulting in a projected market value of USD 55 million by 2028.
This exponential industry growth is driven by a potent mix of different factors, including changing customer desires, emerging trends, infrastructure development, and a shifting preference for sustainable luxury cars.
Aspiration amidst adversity
There’s an insatiable appetite for luxury goods, especially amongst the growing Nigerian middle class, who aspire despite the difficulties and see cars as a significant luxury good. The country’s economic fluctuations are no match for the allure of luxury brands such as Mercedes-Benz, Lexus, Toyota and Land Rover, currently the leading brands with over 60% contribution to the luxury cars ads on Jiji. Luxury goods consumers prioritise symbolic consumption to showcase their success. Thus, luxury cars have become a statement of achievement, a tangible manifestation of one’s income power, and social standing in a competitive society where appearances matter.
Balance of performance, style, and affordability
In addition to the undiminishing desire for prestige and social distinction, Nigerians also want to balance style, comfort, performance, and budget. Consumers are increasingly looking for relatively affordable cars that provide a comfortable and luxurious driving experience while delivering durability, fuel efficiency, and high performance on the road. For instance, the demand for SUVs in Nigeria is skyrocketing in recent years. This can be attributed to several factors, including customers’ desire for vehicles with more space and versatility, as well as options more suitable for the country’s challenging road conditions.
A diverse nation with varied tastes
The purchasing patterns in Nigeria have led to a rich diversity in the luxury car market, catering to a wide spectrum of demographics, tastes, lifestyles, and budgets. In response, luxury car dealers and other related businesses are continually emerging to meet the needs of their discerning clientele. Nigeria’s luxury car market is poised to continue its rising as a fast-growing, multi-diverse nation, meeting the specific expectations of its affluent customers.
Urbanisation
Infrastructure investment is also driving the growth of the luxury car market in Nigeria despite the rising inflation. Nigeria’s ambitious infrastructure projects are reshaping the automotive sector, creating an environment conducive to luxury car ownership. Improved road networks and upscale residential developments are fueling the desire for high-end automobiles. A drive through the streets of Banana Island, Lagos, the upscale neighbourhood of Maitama, Abuja, and other upscale neighbourhoods exposes one to an array of luxury cars.
The need for sustainability
The country is embracing sustainable luxury just like the rest of the world, and it’s a driving force behind customer preferences. Luxury car buyers in Nigeria are increasingly drawn to eco-friendly and fuel-efficient models that offer performance without harming the climate. For instance, Tesla’s electric vehicles and BMW’s i3 are gaining popularity in the Nigerian luxury car market due to their sustainability features. Stakeholders must therefore hasten the process of infrastructural provisions for EV charging points in the country to accommodate the growing adoption of EVs. A few charging stations exist like the NADDC stations in Lagos and Sokoto, as well as privately owned stations in-office and in-home.
Demand for luxury goods undeterred by rising inflation or other macroeconomic factors
The luxury goods companies can be considered inflation-proof as the consumer is willing to pay the premium. While this strong standing may be challenged in the future if the inflation rate continues its hike, the high-end luxury market and major luxury brands remain less affected by the rates compared to the rest of the market. Despite the economic challenges posed by inflation, the luxury car market in Nigeria stands as a beacon of resilience and aspiration. It continues to defy gravity as consumers, undeterred by economic fluctuations, prioritise status, comfort, and performance on the road. Available data shows that Nigerians’ love for luxury automobiles shows no signs of slowing down. It’s no wonder why the car upgrades business is also in its booming season – old model, upgraded body.
With platforms like Cars45, Carmart, and Jiji making access to affordable cars easier for the common man, the industry is poised to continue its upward trajectory, defying odds and charting a course of steady growth. For car dealers, investors, car loan financiers, and other automotive industry players, this is a wake-up call to double up efforts to be better prepared to meet the economic and industry shakeup expected with such rapid growth.
Maxim Makarchuk is the Chief Operating Officer for Jiji and Cars45
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Warri–Itakpe Train Derailment Leaves Passengers With Injuries
By Aduragbemi Omiyale
A few passengers on a Warri-Itakpe train were feared to have died on Monday in a derailment, which affected at least four coaches. Some of the passengers were also said to have suffered some degree of injury.
This was confirmed by the Nigerian Railway Corporation (NRC) in a statement today.
The unfortunate incident involved the Warri–Itakpe Train Service (WITS), the agency stated, though it did not confirm the number of human casualties.
However, it noted that emergency response teams and relevant authorities were at the scene attending to the situation and providing necessary assistance.
“The Nigerian Railway Corporation (NRC) confirms that an incident involving the Warri–Itakpe Train Service (WITS) occurred today.
“Emergency response teams and relevant authorities are currently at the scene attending to the situation and providing necessary assistance,” the chief executive of the organisation, Mr Kayode Opeifa, said in the statement.
“The corporation is closely monitoring developments and a detailed statement will be issued as soon as more information becomes available,” it added.
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Shuttlers Hits 10 Million Trips, Expands Reach via Google Maps Transit
By Adedapo Adesanya
Nigerian mobility startup Shuttlers has surpassed 10 million trips on its platform and expanded its reach through an integration with Google Maps Transit in Nigeria, thereby strengthening access to public transportation information.
According to a statement on Monday, the milestones reflect the growing need for structured, shared mobility in urban Africa.
The 10-million-trip milestone coincides with Shuttlers’ 10th year of operations, marking a key point in its growth trajectory. Meanwhile, the Google Maps integration now allows users searching for transit directions on the platform to view Shuttlers’ routes and book seats directly through its system.
The partnership is expected to broaden access to reliable shared transportation options for businesses and professionals navigating major urban centres.
To achieve a Google Transit Partner status, Shuttlers aligned its data architecture, route systems, and real-time operational capabilities with Google’s partner infrastructure requirements.
Across the continent’s fastest-growing cities, formal public transport infrastructure faces significant pressure from rapid population growth, leaving millions of professionals dependent on fragmented and costly alternatives. According to the World Bank, African cities lose an estimated 2% to 5% of GDP annually to transport inefficiency.
Shuttlers currently serves 30,000 active users across more than 1,000 itineraries, operating more than 430 buses daily across Lagos, Abuja and Port Harcourt. Since launching in 2016, the platform said it has maintained a 99 per cent trip completion rate and a 99.94 per cent incident-free rate across its entire journey history.
The average Shuttlers commuter saves 60 per cent to 88 per cent on transport costs compared to ride-hailing services, and reclaims 8 to 12 hours from gridlock every month. In Lagos, the average commuter loses more than 30 hours a month to gridlock.
Speaking on this achievement, chief executive and co-founder of Shuttlers, Ms Damilola Olokesusi, shared, “We are incredibly proud of our integration into the Google Maps Transit system. This, alongside hitting 10 million journeys since launch, is a reflection of years of hard work. For millions of professionals, commuting is still unpredictable, exhausting and expensive.”
“We have spent the last 10 years building technology and operational infrastructure that makes daily transportation more dependable – for commuters, businesses that employ them, and the fleet operators who power our network,” she added.
On his part, Mr Olumide Balogun, Director for West Africa at Google, said: “We are pleased to welcome Shuttlers into the Google Transit ecosystem in Nigeria. Reliable transit information helps people navigate cities more confidently and efficiently. As more Nigerians adopt digital tools for everyday mobility, integrations like these help make trusted transportation easier to discover and access.”
Reiterated its commitment to sustainability, Shutters also disclosed that it is actively integrating Compressed Natural Gas (CNG) and electric buses into its fleet, reducing emissions by up to 60 per cent compared to traditional diesel alternatives.
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inDrive Lagos, Abuja Top Drivers Get N30m Fuel, Shopping Vouchers
By Modupe Gbadeyanka
Top drivers of a global mobility and urban services platform, inDrive, in Lagos and Abuja were recently rewarded with fuel and shopping vouchers worth N30 million through its Driver Rewards Campaign.
The promo was created by the company in response to rising fuel costs and increasing operational expenses. It is providing meaningful support to its driver community through this initiative, while celebrating their commitment and hard work for keeping Nigeria’s major cities moving every day.
The campaign, which started in March and will end in June 2026, involves distributing vouchers worth N30,000 each to 1,000 eligible drivers through a series of live raffle draws on inDrive’s digital platforms. This effort is designed to acknowledge and reward the most active drivers on the platform for their unwavering dedication and commitment to providing high-quality service to passengers.
The Country Lead for inDrive Nigeria, Mr Timothy Oladimeji, noted that the initiative underscores the organisation’s ongoing commitment to driver welfare and its mission to foster equitable opportunities within the mobility ecosystem.
Mr Oladimeji explained that the Driver Rewards Campaign is designed to ease some financial burdens while encouraging and celebrating drivers’ resilience, professionalism, and dedication to service.
“At inDrive, we understand the realities drivers face every day, especially as rising fuel prices continue to put pressure on their earnings. Our drivers are the backbone of our platform, and this campaign is our way of recognising their dedication and supporting them meaningfully.
“Through these rewards, we want to show that inDrive stands with drivers, values their contribution and remains committed to creating a fairer and more rewarding mobility ecosystem,” he said.
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