Automotive sector crucial to Nigeria’s economic landscape-Expert

The founder of Eko Drive, Ademide Osunsina, has stated that the automotive sector is crucial to Nigeria’s economic growth and development.

In a statement issued to PUNCH Online on Wednesday during Eko Drive’s third car exhibition in Lagos, Osunsina acknowledged that despite the sector currently facing significant challenges, the automotive industry plays a key role in contributing to the nation’s Gross Domestic Product.

According to reports, in 2023, the sector contributed approximately 0.04 per cent to the nation’s GDP valued at around $210 million with only 2,034 vehicles produced in 2023.

He said the industry’s potential remains high with estimates predicting that it could account for up to 12 per cent of GDP if properly developed.

“The automotive sector is crucial to Nigeria’s economic landscape, and the Eko Drive exhibition is at the forefront of this transformation. The exhibition serves as a powerful catalyst to promote innovation by featuring cutting-edge technology and electric vehicles, thus encouraging local manufacturers to adopt sustainable practices,” he said.

Speaking on the exhibition, Osunsina who also doubles as the project manager said Eko Drive’s goal is to foster a vibrant automotive community that not only appreciates luxury vehicles but also drives economic growth in Nigeria.

“This year’s edition, held at the Alliance Francaise, Ikoyi drew hundreds of automotive enthusiasts – sports cars, supercars, power bike lovers – solidifying Nigeria’s position as a rising hub for supercar culture and technology,” he averred.

He stated that the energy at this year’s exhibition was electric and he is thrilled to see so many passionate individuals come together to celebrate the future of supercars.

“We are committed to showcasing not just supercars but also the innovations that will shape the future of transportation in Nigeria,” the co-founder and creative director of Eko Drive, Imran Claud-Ennin, said.

This event, held with support from more brands compared to previous editions, shows that more Nigerians, especially the youth and young at heart, have embraced the automotive culture, he added.

He pointed out that Eko Drive’s exhibition goes beyond showcasing vehicles, adding that it builds a strong community among enthusiasts and industry stakeholders.

The event encourages networking and collaboration, paving the way for partnerships that enhance community development as car makers and showroom managers were on the ground to showcase the various cars to attendees and market them to them.

“We believe in the power of the community,” added Sanjo Morgan, co-founder and event coordinator of Eko Drive. “Our events bring together diverse individuals who share a common passion for cars. Together, we can promote responsible consumer choices and environmental sustainability within the automotive sector.”

“As Eko Drive looks to the future, it invites sponsors who share its vision of innovation and community development to join forces to enhance Nigeria’s automotive landscape while contributing positively to the economy and society,” Alliance Francaise communications executive, Precious Naador said.