Join NairaWay / Login / Trending / Recent / New
Stats: 265 members, 2,950 topics. Date: November 19, 2018, 3:57 am
Only 350 new vehicles were imported by Nigerian auto firms in the 1st quarter of this year, which shows a drop of about 90 percent, as over 3,500 was recorded in the same period last year.
The Managing Director of Toyota Nigeria, Mr. Kunle Ade-Ojo, who gave the statistics at a press briefing in Lagos, attributed the development to high duty on imported cars, shortage of foreign exchange and economic recession.
Similarly, he said 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.
For instance, he recalled that the total vehicles imported into the country in 2016 dropped to 7,000 from 18,000 in 2015.
“The scarcity of forex affected business last year and that affected importation. Also, there was the devaluation of the naira. Whereas in the first quarter of the year, the United States dollar was just about N200, by the end of the year, it had doubled. So, prices of vehicles also doubled in the space of one year and a lot of businesses could not afford to pay for the increase given that they were also struggling to survive,” he said.
Federal Government had jacked up the import duty on cars from 22% to 70% to discourage vehicle importation and crashed duty on imported vehicle components by auto assemblers.
Click Here To Get Free Airtime To Text, Call & Subscribe Data
HOW TO EARN $1 EVERY 2 MINUTES OR $55 DAILY ONLINE
CLICK HERE TO GET FREE TUTORIALS ON MAKING FREE CALLS, WATCHING DSTV FREE ETC
HOW TO MAKE N100,000 T0 N500,000 MONTHLY
LEARN HOW TO MAKE N250,000 MONTHLY ONLINE IN NIGERIA
How to Make Huge money From Expired Domain name click http://cashnaira.com
CLICK HERE TO DRIVE UP TO 20,000 REAL NIGERIAN TRAFFIC DAILY TO YOUR SITE
A NEW INTERNET COMMUNITY IS LAUNCHED! CHECK IN AND ENJOY FREE LESSONS
FREE GUIDE! BROWSE FREE, MAKE FREE CALLS, MAKE MONEY ONLINE ETC
CLICK HERE TO EARN $45 – $100 DAILY ONLINE WITH YOUR FACEBOOK ACCOUNT
Viewing this topic: 1 guest viewing this topic
|NAIRAWAY - Copyright © 2016 Oluwasegun Adebayo. All rights reserved. Follow NairaWay on Facebook|
Disclaimer: Every NAIRAWAY member is solely responsible for anything that he/she posts or uploads on NAIRAWAY.