Only eleven countries have more than 125 million people. Of them, two do not have a mature automobile industry: Bangladesh and Nigeria.
Generally speaking, the larger the population, the larger the potential market for cars. But, if the country does not have an automobile industry, it has to import vehicles for its people—missing out on much value from manufacturing vehicles to cater to the population's needs. Instead, the automobile industries of foreign countries would capture that value.
For Nigeria, this presents a missed opportunity as the automobile industry can be a significant employment generator and an impressive contributor to the gross domestic product (GDP). In India and the US, the auto sector comprises 7% and 3% of their respective economies. In comparison, the auto sector in Nigeria contributed 0.32% to the GDP in 2020.
Nigeria imports an overwhelming number of vehicles from other countries, as its automobile industry has yet