Business New Vehicle Importation Drops by 90% as Nigerians Battle Hard Times

L

LequteMan

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Nigerians are shunning the importation of new vehicles as the harsh economy continues to bite.

According to the Managing Director of Toyota Nigeria Limited, Mr. Kunle Ade-Ojo, only 350 new vehicles have been imported in Q1 2017, which is a drop of about 90 per cent compared to the 3,500 imported in Q1 2016.

He said high duty on imported cars, shortage of foreign exchange and economic recession are the main reasons this is so.

Also, the total retail sale of new vehicles for the first quarter of 2017 stood at 2,000 units compared to 5,500 units sold last year.

Although he said the fall in vehicle imports was also witnessed last year, it was not as pronounced as this year’s.
 

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