TOYOTA BOSS LAMENTS NIGERIA’S LOWEST VEHICLE SALES RECORD IN DECADES
source: http://www.eyesoflagos.com/2017/05/toyota-boss-laments-nigerias-lowest.html

The Managing Director of Toyota Nigeria Limited, Mr. Kunle Ade Ojo, has lamented the poor vehicle sales recorded in the country in the first quarter of the year which fell to an all time low of 2,000 vehicles within the period.



Briefing newsmen at their Lekki, Lagos office during their quarterly meeting, the managing director disclosed that the total sales figure of vehicles across the country including all brands stood at 2,000 units when compared to 5,500 vehicles sold within the same period in 2016. He, therefore, forecast that given the way the industry was going, it would be difficult for all the car companies to sell 9,000 vehicle before the end of the year

He attributed the poor sales and import figure of vehicles to scarcity of foreign exchange, devaluation of the naira, high interest rate and high duty being paid by automobile companies in the country.

Ade-Ojo said, “The scarcity of foreign exchange, devaluation of the naira and the high interest rate coupled with the economic shortfall hiked prices of vehicles and crippled buying power of many buyers,” adding that 3500 units of vehicles were imported in the first quarter of 2016, while 350 units of vehicles were imported in the first quarter of 2017, the lowest in the last decade. Annual imiport vehicle figure before 2016 was between 50,000 to 100,000. He added that even with recent efforts made by the government to tackle the forex challenge, the sector has not seen positive results, stressing that vehicles were being overvalued by customs official at ports of entry.

“If we add everything we pay like VAT and other taxes, you will discover that the vehicle importer pays as much as 85 per cent duty on a single car,” noting that his company paid as much as N15m on one Land Cruiser vehicle. Despite all the challenges, he said that Toyota still leads the market in terms of vehicle sales and import and attributed Toyota’s lead to quality of product, excellent after sales and availability of spare parts.

According to him, Toyota sold about 7,000 cars in 2015 and about 4,000 vehicles in 2016 to further its share from 24 per cent in 2015 to about 26 per cent in 2016.

The total retail market in the country stood at 42, 000 in the country in 2015 and fell to about 15, 000 by the end of 2016 to indicate market drop of about 42 per cent.

Ade-Ojo added that vehicle import for 2015 was at 18, 000 but came down to 7, 000 in by the end of 2016. Despite the challenges in the market, the company has continued to lead the sector, importing 43 per cent of the vehicles in 2015 and in 2016 has share of 38 per cent

It's sad.

People can barely eat and you re here talking of buying cars, some families are even selling off their cars to feed.

buhari led administration has ruin this country,nigeria is in a bad condition

ovadozes:
People can barely eat and you re here talking of buying cars, some families are even selling off their cars to feed.

the only nonsense i do hear from this walking corpse of a president is about fighting corruption,power its now worst and people still pay more.
unless we wanna lie to ourself,nigeria is presently in a bad shape,it needs to be repaired.things are getting worst every day

Ade ojo the member of the change agent

ovadozes:
People can barely eat and you re here talking of buying cars, some families are even selling off their cars to feed.

He's only telling us that many Nigerians will lose their jobs very soon.

What do u expect when you put a price tag of N18m on a Toyota Corolla? That we should buy? Review your prices ASAP and watch the sales figure go north.

Sack letter awaits this government by 2019 APC or not Buhari must go.they have fed is with what they know best.....news ,propagada, thieves catching thieves.

SAI BUHARI



Just 2 years



Imagine 8 years how ego be



Still waiting for 1 dollar = 1 Naira

He should stop lamenting joor. Nigerians still they buy Toyota as tokunbo more than any other make.

A whole Toyota recorded low..... I mean yoh Shai, yoh shangi...good thinking, good product!

I just don't understand. I thought crush foreign cars should cement the porthole for Innoson vehicles and now Innoson isn't even heard of anymore. And some youths would be chanting one sai baba in battle cry. Why is the Nigerian situation like a sine wave, why not a positive rising graph?

Every one's whining and some keep stealing and others heads go for it.

I'm not an economist, however, I feel the microeconomic impact would go a long way strengthening​ economy in the long run. If SMEs can survive, who would oil companies sell to?

It's buhari

For your web designs kindly contact me via signature.Thanks

Recession.mp3 is the new hit track in town. God help 9ja

obamabinladen:


He's only telling us that many Nigerians will lose their jobs very soon.

hahaha you are a smart person



thats true

Buhari

abumeinben:
Egeg

what's this

That's what happens when you sell cars at dollar equivalent to citizens. Exchange rate is high and unstable.

Its really rough being a Nigerian now... but Nigerians are designed to be stronger than any situation.

It's just sad. Well thanks to recession. In due time we will pull out of it and sales would be bouyant again.

Good



Stup1d toyota have 24% market share in a country as big as nigeria yet they don't have atleast an assembly plant here.



People should completely boycott toyota and go for the ones that have plants in nigeria.

Enough of shipping our money abroad to buy nonsense toyota (one of the things that crumbled our economy to begin with) and reduced people's purchasing power.

layzie:
What do u expect when you put a price tag of N18m on a Toyota Corolla? That we should buy? Review your prices ASAP and watch the sales figure go north.

you just wan comment for comment sake.

crackerspub:
SAI BUHARI



Just 2 years



Imagine 8 years how ego be



Still waiting for 1 dollar = 1 Naira

Can he stay 8years because of health issues?

supereagle:


Can he stay 8years because of health issues?

yes nah, nobi 9ja

This is expected. When you go to their major dealers like globe motors, stallion motors etc, Corolla is sold for 20,million naira.
Camry, 30 million naira,
Rav 4 18million naira,
Prado, 40million naira,
Land cruiser 45 million,
Avalon, 35 million etc all brand new, 2017. Just tell me which company in its right sense would buy a COROLLA for 20million.
Other brands like Hyundai were affected.
e. G the elantra which was 3.5 million brand new is now 8.9 million. ELANTRA?? Jesu!

However, upon checking the cost of corolla in US, which is around 15k dollars, and multiply by 400, u get not up to 5 million naira. Our customs are very greedy and it seems they don't know the economic effect of their actions on the whole populace. How can u pay 85% of the real value of a car. Buhari should go please

Why won't I then go for tokunbo jejeli and use the change to build an estate. Corolla 20million. Tufiapa

Another fallout of Buharinomics ...After his selfish coup of 1983 Nigerians will for the first time in thier history come to know the term 2nd hand car as his very poorly thought out policu crippled the finances of the middleclass ..Ladies and gentleman we have a repeat again where no single person in the middle class can afford a brand new toyota corrolla again and yet people will say its not Buharis fault ..

lowgang:
what's this

Sorry boss,

It's a shortened code for a long epistle:

A whole Toyota recorded low..... I mean yoh Shai, yoh shangi...good thinking, good product!

I just don't understand. I thought crush foreign cars should cement the porthole for Innoson vehicles and now Innoson isn't even heard of anymore. And some youths would be chanting one sai baba in battle cry. Why is the Nigerian situation like a sine wave, why not a positive rising graph?

Every one's whining and some keep stealing and others heads go for it.

I'm not an economist, however, I feel the microeconomic impact would go a long way strengthening​ economy in the long run. If SMEs can survive, who would oil companies sell to?

layzie:
What do u expect when you put a price tag of N18m on a Toyota Corolla? That we should buy? Review your prices ASAP and watch the sales figure go north.

Is he the one that put a price tag of 18 million on toyota corrolla or Buharis poor economic policies did ?

Ike agwula 9ja

How many manufacturing plants way them get for Nija.