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Nigeria Tyre Market To Surpass $615m By 2021—Research

By Modupe Gbadeyanka
A new research conducted by an American firm has predicted that the Nigeria tyre market is expected to surpass $615 million by 2021.
The study conducted by Research and Markets, with the title ‘Nigeria Tyre Market Forecast and Opportunities, 2021’, noted that in 2015, tyre market in Nigeria was dominated by the passenger car tyre segment, and said this trend is expected to continue over the next five years.
It disclosed that Mid-West region grabbed the largest share in the country’s tyre market in 2015.
According to the report, over the last decade, the region has evolved as the country’s economic powerhouse due to large scale infrastructure development activities, coupled with rising population and business activities.
Research and Markets said it observed that few of the major international tyre brands operating in Nigeria include Michelin, Goodyear, Bridgestone, Kumho, Hankook, Pirelli and Yokohama.
It said apart from these flagship brands, several Chinese companies are also engaged in selling tyres in Nigeria.
On account of their significantly lower prices, Chinese tyre brands have been witnessing increasing penetration in the country over the last few years.
The research said its ‘Nigeria Tyre Market Forecast & Opportunities, 2021’ report elaborates the following aspects of tire market in Nigeria:
Nigeria Tyre Market Size, Share & Forecast
Segmental Analysis – Passenger cars, Commercial vehicles, Two-Wheelers, Three wheelers and OTR tyres
Policy & Regulatory Landscape
Changing Market Trends and Emerging Opportunities
Competitive Landscape and Strategic Recommendations
Market Trends & Developments
Increasing Chinese Tyre Penetration
Used Cars Overtaking New Car Market
Low Penetration of Retread Tyres
Passenger Car Tyre Segment – Fastest Growing Segment
Growing Radial Tyre Market
Companies Mentioned
Bridgestone Corporation
Continental AG
GT Radial
Goodyear Tyre & Rubber Company
Hankook Tyre Co. Ltd.
Kumho Tyre Co., Inc.
Michelin Tyre Services Company Ltd.
Pirelli & C. SpA.
Shandong Wanda BOTO Tyre Co. Ltd.
The Yokohama Rubber Co., Ltd.
Auto
Senate Passes Bill to Sanction Trading, Preaching in Buses
By Modupe Gbadeyanka
A bill aimed at prohibiting hawking, trading or preaching inside commercial vehicles in Nigeria has been passed by the Senate.
The bill known as the Federal Road Safety Corps (Amendment) Bill, 2026, imposes fines between N50,000 and N100,000 for violations if assented to by the President.
The piece of legislation was passed by the red chamber of the National Assembly on Thursday and should later be transmitted to President Bola Tinubu for assent.
Members of the upper chamber of the parliament explained that the law was amended to discourage distractions in commercial vehicles and improve the safety of commuters.
In addition, motorists who fail to cooperate with officials of the Federal Road Safety Corps (FRSC) during roadside breath tests conducted on reasonable suspicion are liable to fines or imprisonment or both.
Lawmakers noted that this was to improve compliance with road safety regulations and reduce road crashes, as fines for driving under the influence of alcohol or intoxicating drugs were raised to N100,000 from N5,000, with the risk of spending two years behind bars.
It was also proposed that disobedience to traffic lights, road signs, pavement markings and other traffic control devices will now attract N100,000, while the fine for speed limit violations is now N100,000, with reckless driving now a fine of N100,000 or two years’ imprisonment.
Auto
Company Gets Ultimatum to Stop Indiscriminate Truck Parking on Aina Obembe Road Baruwa
By Dipo Olowookere
Residents and motorists plying the Aina Obembe Road in Baruwa, Ipaja, Lagos, may soon heave a sigh of relief as the excruciating traffic gridlock being experienced in the area both day and night may soon be a thing of the past.
This is because the chairman of Ayobo-Ipaja LCDA, Mr Lukmon Agbaje, has directed those involved in indiscriminate truck parking along the road to remove the heavy-duty vehicles within one week, threatening to invoke appropriate enforcement measures for noncompliance with this directive.
Speaking during a meeting on Wednesday with the management of SENA Company, which owns the affected trucks, as well as the leadership of Oluwadara CDA and other key stakeholders like the Lagos State Traffic Management Authority (LASTMA), at the council’s secretariat, Mr Agbaje frowned at the prolonged inconvenience suffered by the community, stressing that public roads must remain accessible and safe for all users.
He emphasised the need for a collaborative approach in resolving the issue without undermining legitimate business operations, noting that he’s focused on finding a lasting solution to the gridlock experienced between Oluwaga and Aina Obembe, where parked trucks have continued to obstruct traffic, disrupt business activities, and pose safety concerns for residents and motorists.
He tasked the firm and the CDA to jointly identify and implement alternative parking arrangements that would remove all trucks from the affected roads and restore the free flow of traffic.
He declared that, “The welfare of our people remains our highest priority. No individual or corporate organisation should obstruct public infrastructure or create avoidable hardship for residents. We must ensure that economic activities coexist with public safety, order, and convenience.”
The council chief reaffirmed his administration’s commitment to promoting orderly development, ensuring safe and accessible roads, improving traffic management, and creating an environment where businesses can thrive alongside the well-being of residents.
Auto
FG Rolls Out Green Tax, Cuts Vehicle Import Levies
By Adedapo Adesanya
The federal government has cut import levies on new and used vehicles by as much as 10 per cent in a move aimed at reducing the cost of vehicle importation, even as it commenced the implementation of a new Green Tax surcharge.
According to an update issued by the Nigeria Customs Service (NCS) on Wednesday, the import levy on new vehicles has been reduced from 20 per cent to 10 per cent, while the levy on used vehicles has been slashed from 15 per cent to five per cent under the 2026 Fiscal Policy Measures, which took effect on July 1, 2026.
The customs said the policy is designed to ease the cost of vehicle imports while advancing the government’s environmental sustainability objectives through the newly introduced Green Tax.
The implementation also reduces the overall import duty on fully built passenger vehicles from 70 per cent to 40 per cent.
As part of the Green Tax framework, a new environmental surcharge of between two per cent and four per cent will apply to petrol-powered vehicles with engine capacities exceeding 2,000cc. However, mass transit buses, electric vehicles, and passenger cars with engines below 2,000cc are exempt from the surcharge.
Beyond the automobile sector, the fiscal measures also lower import duties on several essential goods. The duty on imported rice has been reduced from 70 per cent to 47.5 per cent, while crude palm oil now attracts a 28.75 per cent duty.
In addition, import duties on agricultural and manufacturing machinery have been completely removed to support local production, while Waste PET has been added to the export prohibition list to encourage domestic recycling.


