Business Nigeria Imported $4bn Cars in 2012, 67% Was 'Tokunbo'

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LequteMan

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In the year 2012, Nigeria imported $4bn worth of vehicles and a two-thirds of them were pre-owned cars, Daily Independent says.

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#Nigeria imported vehicles worth $4 billion in 2012, out of which 67 per cent was pre-owned vehicles (Tokunmbo).

These statistics emerged at the Equipment Leasing Association of Nigeria (ELAN) forum on "Implication of Automotive Policy on Equipment Leasing in Nigeria" held yesterday in Lagos.

In his presentation at the occasion, Alfred Okugbeni, Managing Director/CEO, Nigeria Sinotruck Limited stated that the annual vehicular demand in Nigeria was about 500,000 per annum, adding that the country, with a growing middle class population could sustain automotive industry.

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