General News
Nigeria’s Luxury Car Market to Experience steady Growth Despite Risising Inflation

By Maxim Makarchuk
The Nigerian luxury car market is experiencing remarkable growth despite the challenges posed by rising inflation and economic turbulence. This is unsurprising as the industry stands as a symbol of elegance, prestige, and affluence in Nigeria’s dynamic economic landscape.

According to Statista, revenue in the Nigerian luxury car market is projected to reach USD 32 million by the end of 2024. The industry is expected to have an annual growth rate (CAGR 2024-2028) of 14.75%, resulting in a projected market value of USD 55 million by 2028.
This exponential industry growth is driven by a potent mix of different factors, including changing customer desires, emerging trends, infrastructure development, and a shifting preference for sustainable luxury cars.
Aspiration amidst adversity
There’s an insatiable appetite for luxury goods, especially amongst the growing Nigerian middle class, who aspire despite the difficulties and see cars as a significant luxury good.
The country’s economic fluctuations are no match for the allure of luxury brands such as Mercedes-Benz, Lexus, Toyota and Land Rover, currently the leading brands with over 60% contribution to the luxury cars ads on Jiji. Luxury goods consumers prioritise symbolic consumption to showcase their success.
Thus, luxury cars have become a statement of achievement, a tangible manifestation of one’s income power, and social standing in a competitive society where appearances matter.
Balance of performance, style, and affordability
In addition to the undiminishing desire for prestige and social distinction, Nigerians also want to balance style, comfort, performance, and budget. Consumers are increasingly looking for relatively affordable cars that provide a comfortable and luxurious driving experience while delivering durability, fuel efficiency, and high performance on the road.
For instance, the demand for SUVs in Nigeria is skyrocketing in recent years. This can be attributed to several factors, including customers’ desire for vehicles with more space and versatility, as well as options more suitable for the country’s challenging road conditions.
A diverse nation with varied tastes
The purchasing patterns in Nigeria have led to a rich diversity in the luxury car market, catering to a wide spectrum of demographics, tastes, lifestyles, and budgets. In response, luxury car dealers and other related businesses are continually emerging to meet the needs of their discerning clientele. Nigeria’s luxury car market is poised to continue its rising as a fast-growing, multi-diverse nation, meeting the specific expectations of its affluent customers.
Urbanisation
Infrastructure investment is also driving the growth of the luxury car market in Nigeria despite the rising inflation. Nigeria’s ambitious infrastructure projects are reshaping the automotive sector, creating an environment conducive to luxury car ownership.
Improved road networks and upscale residential developments are fueling the desire for high-end automobiles. A drive through the streets of Banana Island, Lagos, the upscale neighbourhood of Maitama, Abuja, and other upscale neighbourhoods exposes one to an array of luxury cars.
The need for sustainability
The country is embracing sustainable luxury just like the rest of the world, and it’s a driving force behind customer preferences. Luxury car buyers in Nigeria are increasingly drawn to eco-friendly and fuel-efficient models that offer performance without harming the climate.
For instance, Tesla’s electric vehicles and BMW’s i3 are gaining popularity in the Nigerian luxury car market due to their sustainability features.
Stakeholders must therefore hasten the process of infrastructural provisions for EV charging points in the country to accommodate the growing adoption of EVs. A few charging stations exist like the NADDC stations in Lagos and Sokoto, as well as privately owned stations in-office and in-home.
Demand for luxury goods undeterred by rising inflation or other macroeconomic factors
The luxury goods companies can be considered inflation-proof as the consumer is willing to pay the premium.
While this strong standing may be challenged in the future if the inflation rate continues its hike, the high-end luxury market and major luxury brands remain less affected by the rates compared to the rest of the market.
Despite the economic challenges posed by inflation, the luxury car market in Nigeria stands as a beacon of resilience and aspiration. It continues to defy gravity as consumers, undeterred by economic fluctuations, prioritise status, comfort, and performance on the road.
Available data shows that Nigerians’ love for luxury automobiles shows no signs of slowing down. It’s no wonder why the car upgrades business is also in its booming season – old model, upgraded body.
With platforms like Cars45, Carmart, and Jiji making access to affordable cars easier for the common man, the industry is poised to continue its upward trajectory, defying odds and charting a course of steady growth.
For car dealers, investors, car loan financiers, and other automotive industry players, this is a wake-up call to double up efforts to be better prepared to meet the economic and industry shakeup expected with such rapid growth.
Maxim Makarchuk isChief Operating Officer, Jiji and Cars45
General News
NCDC Says Lagos, FCT, Others on High Ebola Alert

Nigeria Centre for Disease Control and Prevention (NCDC) has placed Lagos, the Federal Capital Territory and several other states on high Ebola alert following the outbreak of the deadly Bundibugyo strain of Ebola Virus Disease in parts of East and Central Africa.

In a national public health advisory issued to Commissioners for Health across the country, the agency warned that Nigeria faces a high risk of importing the virus due to increasing regional transmission, international travel, porous borders, and population movement.
The advisory, dated May 27, 2026, comes amid growing concerns over the spread of the Bundibugyo variant of Ebola, a rare strain for which there is currently no approved vaccine or specific treatment.
States classified by the NCDC as high-risk include Lagos, the FCT, Rivers, Kano, Enugu, Borno, Akwa Ibom, Cross River, Taraba, and Adamawa because of their international airports, seaports, border routes and high human traffic.
“The immediate objective of our national preparedness and readiness efforts is to ensure that every State and the FCT can reasonably detect, contain, and respond swiftly to any suspected case while protecting health workers and sustaining essential health services,” the NCDC stated.
The agency disclosed that although Nigeria has not recorded any confirmed case, a dynamic risk assessment conducted after the outbreak was declared a Public Health Emergency of International Concern showed that the danger of importation into Nigeria remains high.
According to the NCDC, 1,077 suspected cases and 247 deaths have already been reported in Uganda and the Democratic Republic of Congo, with a fatality rate of 24.6 per cent.
It added that the outbreak has also triggered international concern, with suspected cases reportedly identified in India, while Canada announced temporary restrictions on travel applications involving residents of Uganda, DRC and South Sudan.
Uganda has also reportedly introduced border closure measures to contain the spread.
The NCDC stressed that the Bundibugyo strain differs from the Zaire Ebola strain, which existing vaccines and antibody treatments primarily target.
“The current Bundibugyo virus outbreak has no licensed vaccines or approved targeted therapeutics,” the advisory warned.
Health officials also cautioned that Ebola symptoms could initially resemble malaria, Lassa fever, or other common illnesses, making early detection more difficult.
“Health workers must not wait for bleeding before suspecting Ebola in any patient with compatible symptoms and relevant travel or exposure history,” the agency said.
The NCDC noted that Ebola is not airborne and spreads mainly through direct contact with infected blood, body fluids, contaminated materials, or infected animals.
As part of emergency preparedness measures, the agency said its National Emergency Operations Centre has already been activated in alert mode to coordinate nationwide response efforts.
State governments were directed to immediately activate Ebola preparedness structures, identify isolation centres, intensify surveillance at entry points, equip frontline health workers with personal protective equipment and begin public sensitisation campaigns to counter panic and misinformation.
The agency also asked states to submit readiness reports within 72 hours.
Nigeria’s renewed Ebola alert has revived memories of the country’s successful containment of the virus during the 2014 outbreak, when an infected Liberian-American traveller, Patrick Sawyer, arrived in Lagos and exposed dozens of people before authorities intervened.
At the time, public health experts feared a catastrophic outbreak in Lagos due to its dense population and status as one of Africa’s busiest commercial hubs.
However, rapid contact tracing, aggressive isolation measures, emergency coordination and public awareness campaigns helped Nigeria stop the spread within months.
The World Health Organisation (WHO) later praised Nigeria’s response as one of the most effective Ebola containment efforts in Africa.
The latest alert is considered particularly serious because the Bundibugyo variant remains less understood than the more common Zaire strain.
Unlike the Zaire strain, which has approved vaccines and treatments developed after previous West African outbreaks, the Bundibugyo strain currently lacks licensed countermeasures.
Public health experts have long warned that Nigeria’s heavy air traffic, extensive land borders, crowded urban centres and overstretched healthcare system leave the country vulnerable during regional disease outbreaks.
The warning also comes as Nigeria continues to battle multiple infectious disease outbreaks, including Lassa fever, cholera, and meningitis in several states, increasing pressure on the healthcare system.
Health authorities are now urging Nigerians to remain calm, avoid rumours and fake cures, maintain proper hygiene and report suspected symptoms early as surveillance and preparedness measures intensify nationwide.
General News
How Enugu State is using GovTech to Fix its Housing and Land Administration

The ongoing transformation at Enugu State Housing Development Corporation (ESHDC) is gradually positioning the corporation as one of the strongest examples of institutional reform and modern public service delivery in Enugu State.

With the recent launch of its digitized land transaction and documentation system, ESHDC has taken a major step toward improving transparency, operational efficiency, accountability, and investor confidence within the housing and land administration sector.
The reform initiative, introduced as part of Governor Peter Mbah’s broader governance modernization agenda, is expected to significantly improve land documentation processes, digital payments, workflow coordination, property verification, and the issuance of Certificates of Occupancy (C-of-O), while reducing delays and inefficiencies previously associated with manual systems.
Beyond technology, however, the transformation reflects a deeper institutional shift focused on building systems that work more efficiently for the people while strengthening public trust in government operations.
One of the personalities increasingly associated with this evolving reform culture is Adenike Okebu, whose involvement in key accountability, audit, and operational restructuring processes within the corporation continues to attract attention.
Her professional background spans EY Nigeria, Deloitte, BUA Group, Platform Capital, and Pinnacle Oil and Gas, giving her a rare combination of Big Four audit rigour, corporate financial governance experience, and frontline public sector reform capability.
Her growing public profile is increasingly associated with helping governments and organizations improve revenue governance systems, strengthen financial transparency, optimize revenue collection structures, detect and remediate revenue leakages, and produce credible financial reporting capable of supporting both domestic accountability and international investor engagement.
Industry observers note that her contribution to audit-driven reforms and operational restructuring within ESHDC helped create a more organized and transparent institutional framework capable of supporting the corporation’s digital migration and modernization goals.
The impact of the reforms is already becoming visible through improved workflow systems, better records management, increased operational coordination, and stronger confidence in the corporation’s administrative structure.
For many stakeholders, ESHDC is now becoming more than a housing institution. It is emerging as a model of institutional modernization; a platform demonstrating results; a reflection of transparent governance, and a symbol of operational reform and accountability.
At the same time, Adenike Okebu’s increasing visibility within the transformation narrative is positioning her as a modern governance advocate and a public-sector personality associated with institutional reform, measurable impact, and people-centered leadership.
As Enugu State continues to push its broader reform agenda, the ESHDC transformation story is gradually reinforcing a growing perception that sustainable governance is built not only on policies, but on accountability, transparency, operational efficiency, and institutions capable of delivering measurable results.
General News
How MTN and SMEDAN are Closing Nigeria’s $158 Billion Funding Gap for 40 Million Small Businesses

Nigeria’s mySMEville platform is becoming a key driver for Africa’s digital economy by closing the financial and skills gaps holding back the country’s nearly 40 million MSMEs. This was highlighted on Tuesday, May 12, 2026, during a visit hosted by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to the MTN head office by Angola’s INAPEM, the National Institute of Support for Micro, Small and Medium Enterprises. The delegation was led by its Chairman, Mr. Bráulio Augusto.

L-R: Njideka Jack, General Manager Enterprise Marketing, MTN Nigeria; Dr. Charles Odii, Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Lynda Saint-Nwafor, Chief Enterprise Business Officer, MTN Nigeria; Bráulio Augusto, Chairman of The Board of Directors for National Institute for the Support of Micro, Small, and Medium Enterprises (INAPEM) and Omowunmi Olatunbosun, Head, SME Segment, MTN Nigeria, at the mySMEville Angola INAPEM visit to MTN and SMEDAN, at MTN Plaza, Ikoyi, Lagos on Tuesday, May 12, 2026.
The delegation was focused on studying the success of the MTN and SMEDAN mySMEville partnership. The initiative targets four core areas: information, funding, infrastructure, and markets, to support a sector that contributes 48% of Nigeria’s GDP but remains largely underserved.
mySMEville moved quickly from a strategic idea (the MOU was signed in November 2025) to a continental success. After a pilot in Lagos onboarded 200 businesses in December, the platform rapidly grew to include over 2,600 businesses nationwide by May 2026.
This rapid expansion is essential given that 80% of Nigerian SMEs are currently informal and only 3.9% access formal credit, leaving a staggering $158 billion annual financing gap.
Emphasising the strategic necessity of this collaboration, Lynda Saint-Nwafor, Chief Enterprise Business Officer at MTN Nigeria, stated: “At MTN Business, our ambition is clear: to serve as the leading technology partner enabling Africa’s enterprises to scale, compete, and create sustainable impact. We are intentionally building platforms that matter, solutions that scale, and ecosystems that accelerate inclusive economic growth across the continent.
“This is why initiatives such as mySMEVille are strategically important to us. SMEs remain the backbone of our economy, driving innovation, creating jobs, and strengthening national competitiveness. Through our partnership with SMEDAN, we are focused on unlocking the full potential of these businesses by providing access to guidance, digital tools, market opportunities, financing ecosystems, and workforce support.” Supporting this view, Dr Charles Odii, Director-General of SMEDAN, said that the initiative represents the future of business on the continent, asserting that “What we are witnessing here is a formidable force for economic progress. Through this deliberate Public-Private Partnership, Nigeria is aligning its public and private sectors to lead the way for Africa.”
Olatunbosun Agosu, Senior Specialist, ICT Segment Management, MTN Business demonstrated with a live demo, how the mySMEville platform, a joint effort by MTN and SMEDAN, is the “one-stop orchestrator” for Nigeria’s 40 million small businesses.
The platform is an intuitive, centralised platform that bridges the $158 billion funding gap and digital divide. By aggregating diverse partners, it gives entrepreneurs direct access to funding, infrastructure (like solar power), e-commerce tools, and essential growth information.
INAPEM’s Chairman, Mr. Bráulio Augusto, confirmed that Angola intends to adapt the framework to its own economic reality. Reflecting on the visit, the Chairman stated during his remarks, “The key thing I learned here is the strength of the public and private sector partnership. mySMEville clearly shows what’s possible, and we will absolutely use these insights as we adapt this model back home in Angola.”
Looking ahead, the partnership aims to reach a monumental target of 5 million MSMEs through the mySMEville Academy, e-commerce integrations, and national policy advocacy. As the platform continues to grow into a “one-stop shop” for resources, it’s clear that Africa’s future depends not on luck, but on the smart, collaborative work of partners like MTN and SMEDAN.
Telecom3 days agoTelcos Mull Calculator to Address Data Depletion Complaints
General News3 days agoNCDC Says Lagos, FCT, Others on High Ebola Alert
E-Business3 days agoAnthropic Raises $65 Bn to Expand AI Research, Innovation
Telecom2 days agoNCC Expands IPv6 Board with the Appointment of Olusola Teniola, Funke Opeke Others
E-Financial2 days agoNigerian Capital Market to Transition to T+1 Settlement Cycle on Monday
E-Business2 days agoReport Shows Start-ups Fuel Innovations in Africa
E-Business2 days agoNDPC Raises Alarm: Fake News, Data Abuse Could Destroy Nigeria’s 2027 Elections
Telecom2 days agoQNET, Manchester City Host Football Clinic for Young Talents in Ghana










