According to the latest auto news, the Nigeria automotive industry has recently been recovered from the recession.
Mr. Kunle Ade-Ojo, Toyota Nigeria Limited Managing Director said in his statement that in the third quarter of this year, 7,000 new vehicles had been sold, showing that the new car sales decline 48% in comparison to 14,500 items sold in the same period in 2016.
Nevertheless, the Director added that there was a slight import improvement in that time, as the new car sale was recorded with 62% drop in comparison with 90% decline in the first quarter of the year.
Mr. Kunle Ade-Ojo stated that there were 7,000 new vehicles had been sold
Based on the 2013 market report, 50,000 new vehicles were sold in Nigeria, meanwhile, 500,000 used cars sold in the same period.
However, that the Naira drops its value drastically against the American dollar, along with the increase in the importation up to 70% had a bad effect on the economy of the country, in turn leading to the sale decline and reducing the assembly as well as the importation of Nigeria.
The country’s economy is now recovered after almost 25 years of recession. That contributes to refresh the current business situation and enhance economic activities in Nigeria.
Toyota Nigeria accounts for the vast majority of the market share in the country’s auto industry
According to Ade-Ojo, most sales had been more of commercial cars. He hoped that in 2018, passenger vehicle sales would be recovered. In 2017, many companies had been very careful due to the economic recession. They bought vehicles which would help raise the productivity of their business. The economic recovery would result in the balance of sales among the vehicle segments and models.
In the 2017 third quarter, Toyota Nigeria accounted for the vast majority of the market share in the country’s auto industry. The company forecasts an increase of 2%, from 22% in 2017 to 24% in 2018.
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