section_path: Economy/Automotive industry
section_name: Automotive industry
paragraph_text: Automotive industry
  
  Nord Automobile Limited has two assembly plants in Lagos: in Sangotedo and in Epe. The company manufactures its own plastic parts and plans to take on steel pressing in the future. The company offers eight different models. However, company founder and CEO Oluwatobi Ajayi is struggling with insufficient demand and the increase in the price of imported components due to the devaluation of the local currency, the naira, in 2023. He is looking for solutions with a German partner.