In 2024, Nigeria’s auto market adjusted to a new reality.
Following months of foreign exchange volatility and tightening import regulations, buyers recalibrated their priorities.
Affordability, fuel efficiency, and reliability took precedence over badge prestige. Even among wealthier customers, value retention and cost of ownership began to influence decisions in ways rarely seen before.
According to the latest foreign trade report from the National Bureau of Statistics (NBS), the total value of passenger car imports dropped by 14.3% to N1.26 trillion, down from N1.47 trillion in 2023.
The decline came on the heels of a dramatic spike in 2023, when vehicle importation had more than doubled compared to 2022. By 2024, the market had cooled, and both consumers and importers recalibrated.
In this article, we take a look at the best-selling vehicles of 2024, offering a snapshot of how middle- and upper-income Nigerians adapted to economic pressures, what corporate buyers prioritized, and why certain models consistently moved off lots while others sat unsold.
Below is a breakdown of the models that dominated the Nigerian market and the average price tags they carried
- Price: N16million- N30 million
The 2012–2018 Toyota Camry (LE, XLE, SE) remains one of the most popular choices among Nigeria’s middle class, especially for first-time car buyers. Its strong reputation for reliability, fuel efficiency, and affordable maintenance makes it a practical and cost-effective option in today’s economy.
It also holds its resale value well, making it a smart investment for buyers who may consider upgrading in a few years. For many Nigerians, the Camry serves both performance and affordability. Spare parts are easy to find, and its fuel economy helps drivers manage rising fuel costs.
