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Nairaland Forum / Nairaland / General / Car Talk / Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units (13543 Views)
Nord Unveils Its New Vehicle, Norda5 / Innoson Plans To Establish New Plant In Owerri, Produce 60,000 Units Annually / New Vehicle Sales Drop 48% In Q3 (2) (3) (4)
Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by father01: 12:35pm On Nov 15, 2017 |
The prospects of majority of Nigerians buying brand new vehicles in the near future may not be guranteed as the total number of new vehicle sold in Nigeria may not exceed 10,000 units by the end of this year further painting a flood picture of a chequered local auto industry that is not growing at the expected pace. The number of brand new vehicles according to figures show’s the total numbet of brand new vehicles dropping from 50,000 units, which was recorded before the introduction of a new automotive policy in 2013. This disclosure which was one of the high points local automakers and dealers stated this in Lagos on Tuesday and gave low purchasing power due to economic crunch, scarcity of foreign exchange and high interest rate as some of the factors responsible for the drastic drop. They spoke at the 2017 symposium of the automobile and allied services group of the Lagos Chamber of Commerce and Industry held under the theme, ‘The Nigeria auto policy: The current drivers’. Executive Director, Truckmasters Nigeria Limited, . Oseme Oigiagbe, said rather than encourage production and purchase of new vehicle sales, the enforcement of the auto policy had largely led to significant reduction in the sales figures. He said the figures had consistently dropped from 50,000 units in 2013 to 40,000 vehicles in 2015; 20,000 in 2016 and 10,000 this year. Oigiagbe, who said the Federal Government ought to have placed a total ban on the importation of used vehicles to drive the new vehicles’ patronage, lamented the high interest rate on vehicle loans, ranging from 25 per cent to 27 per cent. On his 9.art, Executive Director, Kewalram Chanrai Group, Anil Sahgal, also put the total figures of new vehicles sold this year at 10,000 units, stressing that without the support of the government for the automobile assemblers, the industry would not make any headway. The Executive Director, Nigerian Automotive Manufacturers Association, Remi Olaofe, said many of the auto assemblers were merely producing vehicles and dumping them in the warehouses as a result of low patronage. Managing Director, VON Automobile Limited¥Adetokunbo Aromolaran, who described the situation as pitiable, said there was no way the nation could make progress if the government continued to buy imported fully built vehicles. He said, “The government remains the biggest buyer, and it has to lead by example by buying made-in-Nigeria vehicles. The auto business is a demand-driven; once volume grows, the cost of production will drop and vehicles’ prices will come down. There is also the need to create viable vehicle finance scheme.” The Managing Director, National Trucks Manufacturers LimitedIbrahim, Bayero, said, “Majority of us have been recording losses in the last five years due to poor sales.” He criticised the granting of licences by the government to 53 auto firms to assemble vehicles in Nigeria, saying, “It does not make economic sense’ and warned that without sincerity, the auto policy would not achieve its desired goals.” While the Deputy President, LCCI,. Babatunde Ruwase, urged major players in the industry to be more proactive if they hoped to make appreciable impact in the implementation of the auto policy. http://www.businessdayonline.com/nigerias-new-vehicle-sales-drops-abysmal-10000-units/?utm_source=&utm_medium=twitter |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by NwaAmaikpe: 8:03am On Nov 16, 2017 |
![]() Unfortunately, Keke Napep sales are rising everyday. More people slipping into abject poverty courtesy of the dullard Buhari. 41 Likes 3 Shares |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by TheKingIsHere: 8:04am On Nov 16, 2017 |
All thanks to the dullard and monumental failure called Buhari . 38 Likes 1 Share
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Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by Abudu2000(m): 8:04am On Nov 16, 2017 |
New vehicle kee.. anyways those two above me are monsters ![]() |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by maxwell767(m): 8:04am On Nov 16, 2017 |
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Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by Bede2u(m): 8:04am On Nov 16, 2017 |
We hate ourselves too much to succeed in this country. Innosson cars are 60% locally sourced, which means that they will always be cheaper than imported brand new cars, but who buys them? Nigeria needs a leader who will close our seaports and say with a straight face; 'if we dont make it here, we dont need it here'. Thats the only way to grow our local industries. If electricity is the issue then pick one state (maybe Abuja) and give it steady power supply for industries with every and any means (including nuclear and solar) India rarely imports. They try to make it in India 38 Likes 1 Share |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by donshaddow(m): 8:04am On Nov 16, 2017 |
Expectedly! We are going south. Not South-South ooooo (Niger-Delta). I mean the real south. 1 Like |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by OlujobaSamuel: 8:05am On Nov 16, 2017 |
person wey chop na hin get extra doe for car |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by magabounce(m): 8:06am On Nov 16, 2017 |
Cutonu to take over 2 Likes |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by Bigajeff(m): 8:07am On Nov 16, 2017 |
Tokunbo car ti takeover 6 Likes 2 Shares |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by GenOrumov: 8:08am On Nov 16, 2017 |
When per capital income of it's citizens is just slighty above $2k and interest rate is between 25% - 27%. How do you expect the sale of new cars. Until interest rate goes down, we are not buying those new cars. 3 Likes 1 Share |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by apriko(m): 8:08am On Nov 16, 2017 |
And yet they said we are out of recession..... # may sense fall on Apc 1 Like |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by killdiabetes(f): 8:09am On Nov 16, 2017 |
Ok |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by MobilityExpress: 8:11am On Nov 16, 2017 |
Bigajeff: ![]() 3 Likes |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by Nobody: 8:11am On Nov 16, 2017 |
When corolla dey cost 24m nko. Una papa 15 Likes |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by asawanathegreat(m): 8:12am On Nov 16, 2017 |
Abeg ma go eat come back |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by UnknownT: 8:12am On Nov 16, 2017 |
Na government and some private companies dey buy 80% of the 10000 units sef 8 Likes 1 Share |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by pol23: 8:14am On Nov 16, 2017 |
Your votes is totally working against you. Yet you will not own up to the simplest fact. Good luck Ahead. Or Atiku ahead... me I don't care... AUSTRALIA ahead. |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by 2shure: 8:17am On Nov 16, 2017 |
im bringing a bullet for anybody that ever did anything to me
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Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by Kobicove(m): 8:17am On Nov 16, 2017 |
The drop in sales of new cars in the country is not surprising considering the harsh economic condition ![]() |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by dhardline(m): 8:17am On Nov 16, 2017 |
A brand new Toyota Camry goes for like 22million naira. How many Nigerians can make that in 2 full years without spending a dime? Our economy is total crap. 11 Likes 1 Share |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by Youngzedd(m): 8:18am On Nov 16, 2017 |
Bede2u: Our leaders don't think like 21st human beings. Corruption have killed Nigeria and I must tell you the truth, there's no permanent solution. 1 Like 1 Share |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by aybabz101: 8:23am On Nov 16, 2017 |
do people jst buy new cars like dat? what will they use to buy them?..... most times i jst laugh at the versions of leaders we hav in africa especially nigeria. they are all version -1.0. instead of them to tackle fundamental problems which are infrastructure, education, health, and enabling environment for businesses to thrive so that her citizens and the country can b prosperous economically. hw will one buy a new car when its even difficult for such person to eat three times a day? not to talk of unemployment, underemployment and poor infrastructures especially power 4 Likes 1 Share |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by coldsummer: 8:23am On Nov 16, 2017 |
Bede2u: The report did not say cars made in Nigeria are not selling. It says purchase of New cars in Nigeria reduces from 50,000 to 10,000 because of the economic crunch. You would know this if you read the report 7 Likes 1 Share |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by 9jatatafo(m): 8:26am On Nov 16, 2017 |
Ordinary water for man to drink nkor? E nor dey!!! Na brand new ochacha ride una dey talk. Enjoy the change brought to you the Change Master 1 Like |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by bigass(f): 8:35am On Nov 16, 2017 |
Bede2u: 60% How? He brings in complete knocked down vehicles to his assembly plant 1 Like 1 Share |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by Bede2u(m): 8:49am On Nov 16, 2017 |
vertueptime: bigass:thats what u thought right? because of pettiness and probably that fact he is not your tribes man. Sorry to burst ur bubble. Read this https://www.vanguardngr.com/2016/04/producing-wholly-made-nigeria-vehicle-possible-5years-innoson/amp/ Check the people quoting me to tell me innoson are chinese cars.... they are non igbos who feel that demonising innoson or igbos makes them better. Of course they do this without having the facts.... just armed with irrational hatred for a people that are ur country men. Just what i was saying in my first post. It doesnt make sense to them that innoson can look like chinese cars without actually being made in china. Just like Landwind looks like Rangerover evogue even tho its purely a chinese car. Innoson engineers are mainly chinese and its not unthinkable that they would make chinese looking cars 3 Likes |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by Bede2u(m): 8:50am On Nov 16, 2017 |
coldsummer:lol. I'm not daft. The purchase of new vehicles was also affected by price of these new vehicles. Which would be costlier because of our forex issue. A problem that would be half solved if locally produced, cheaper cars are dominating the market. Something which govt and Nigerians dont want to help make a reality.... probably because innoson is no dangote 1 Like |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by Nobody: 8:54am On Nov 16, 2017 |
Bede2u: Rubbish.......A to Z |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by Bede2u(m): 8:57am On Nov 16, 2017 |
luxy44:why is it rubbish? |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by rman: 9:00am On Nov 16, 2017 |
1 Like |
Re: Nigeria’s New Vehicle Sales Drops To Abysmal 10,000 Units by vertueptime: 9:03am On Nov 16, 2017 |
Bede2u: I dissagree, innason motors are chineese cars assembled in nigeria, 90% inported. Go alibaba and ul be able to order same innason cars online, they only changed the logo and perhaps make few parts like breakpad here 1 Like 2 Shares |
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