In Nigeria, brand new vehicles sales have dropped to an awful 10,000 units this year which is the lowest ever since the introduction of the new automotive policy in the year 2013.
Nigerian auto manufacturers and dealers disclosed this month 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 Executive Director, Truckmasters Nigeria Limited, Oseme Oigiagbe, revealed that rather than encouraging the production and purchase of new vehicles, the enforcement of the auto policy have largely led to a significant reduction in the sales figures.
The figures released recently in Lagos by dealers and manufacturers indicate that new vehicle sales have continued to drop from the 50,000 recorded earlier in the year 2013.
Automakers attribute this poor appetite for brad new vehicles in Nigeria to low purchasing power due to the economic crunch, scarcity of foreign exchange, and high interest rate.
The figures have consistently dropped from 50,000 units in 2013 to 40,000 vehicles in 2015; 20,000 in 2016 and 10,000 this year respectively.
Oigiagbe, who suggests that the Federal Government ought to place a total ban on the importation of used vehicles to drive the new vehicles also grieves over the high interest rates on vehicle loans, ranging from 25 percent to 27 percent.
In addition, Executive Director, Kewalram Chanrai Group, Anil Sahgal put the total figures of new vehicles sold this year at 10,000 units, asserting that without the support of the Federal Government for the automobile assemblers, the industry will not make any headway.
The Executive Director, Nigerian Automotive Manufacturers Association, Remi Olaofe, reveals that many of the auto assemblers are merely producing vehicles and dumping them in the warehouses as a result of low benefaction.
Managing Director, VON Automobile Limited, Adetokunbo Aromolaran, refers to this situation as contemptible, he goes ahead to conclude that there is no way Nigeria can achieve the expected progress if at all the government continues to buy imported fully built vehicles.
What is the case in your other African country?
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