Hurrican Harvey and Irma's Impact On Nigeria's Auto Industry

Hurricane Harvey destroyed hundreds of thousands of houses, billions of dollars worth of property including an estimated 40 lives. But the one that has a direct impact on Nigeria is the hundreds of thousands of vehicles damaged by the flood.

According to Fortune magazine, over 100,000 insurance claims for cars impacted by Harvey have already been filed, with the number of claims expected to rise. Others estimate that Harvey has destroyed up to five times more.

For instance, Cox Automotive's Chief Economist, Jonathan Smoke told USA Today he believes 300,000 to 500,000 vehicles were destroyed by Harvey’s path. This has serious implications for Nigeria’s automotive industry.

Nigeria’s auto industry depends on imports from overseas. More than 70% of these vehicle imports, according to Nigeria Bureau of Statistics, comes from the United States.

UCJ, UNILORIN.