Cars Exportation 2019 into the Nigerian economy has displayed a healthy growth for some years now, as shown by its increasing industrial output, the growing number of businesses as well as consumer demand.
In addition, due to Nigeria’s still limited industrial infrastructure, there is always a high demand for imports, especially of automobiles.
This means that there are many opportunities in the international automobile market in Nigeria. Exporting cars to Nigeria is becoming increasingly common, and presents a growing opportunity for investment.
As reported by Export.gov, the automotive market in Nigeria is growing. In 2015, demand for automobiles was over 675,000 units. In 2017, demand rose to 880,000 units in 2017. The current estimate is between 500,000 to 1,000,000 cars per year.
Cars Exportation 2019
Automobile imports made up to 11.5% of all international imports in 2017. The total economic value of automobiles imported into Nigeria in 2017 was 6.9 billion dollars, with 2.9 billion dollars just from passenger vehicles.
Cars Exportation 2019
This is due to the lack of capacity by local companies to mass produce automobiles at a rate that can meet consumer demand. However, the Nigerian government has plans to change this situation. Cars Exportation 2019
As a matter of fact, since 2014, the government pushed for local production of vehicles. Such efforts involved increasing import tariffs, huge investments and funding. The government also established the NAIDP (Nigerian Automotive Industry Development Plan).
Cars Exportation 2019
The resulting plan involved major funding for 35 companies with the objective of producing around roughly 400,000 units in 2017. The result, however, was far lower than expected. The current production rate per year is estimated to be roughly 10,000-50,000 units.
Cars Exportation 2019
As a result, consumer demand for automobiles continues to be met by international makes like Toyota, Honda, Kia, Ford, and others.
Safemoon looks to have broken out of what technical traders may call a falling wedge pattern.
The crypto is trading above both the 50-day moving average (green) and this is an area that may hold as support in the future.
The crypto is trading above the 9-day exponential moving average (blue). Safemoon trading above both of these moving averages indicates the cryptocurrency has been trading with bullish sentiment recently.
Key Levels To Watch
The falling wedge pattern is a bullish reversal pattern, and Safemoon looks to be breaking out of the pattern and moving higher Thursday.
One thing to take note of is that when Safemoon broke out last time, it saw increasing volume into the breakout. Safemoon has been seeing increasing volume into what could be the start of another breakout.
What’s Next For Safemoon?
Bullish technical traders would like to see the breakout happen and see Safemoon reach new highs. If the breakout were to happen, likely there would be a period of consolidation before another breakout may be possible.
Bearish technical traders would like to see Safemoon be unable to hold its gains. If Safemoon were to fall to where it was before the breakout, it may see a further pushdown. Continue reading here
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