There’s an unexpected link between boosting car sales in Africa and UN sustainability goals
The automobile market in Africa is projected to double over the next decade as the continent is the world’s second fastest growing market for new vehicles. This is largely thanks to factors such as a growing middle class, rapid urbanization and continued investment in infrastructure.
Some of the continent’s bigger economies have also drafted national automotive development plans to boost local car production and reduce second-hand imports. As such, more global car manufacturers are looking to set up shop on the continent. In Nigeria, for example, 30 car-makers, including giants Toyota and Honda, have obtained licenses to begin car assembly since the country’s automotive plan was approved in 2013.
But as these automobile makers scramble for a share of the continent’s $48 billion car imports market, emphasis must also be placed on operating in line with the sustainable development goals on the continent, says the Earth Security Group in its latest report.
World Bank