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

Unfortunately,
Keke Napep sales are rising everyday.

More people slipping into abject poverty courtesy of the dullard Buhari.

All thanks to the dullard and monumental failure called Buhari .

New vehicle kee.. anyways those two above me are monsters

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

Expectedly! We are going south. Not South-South ooooo (Niger-Delta). I mean the real south.

person wey chop na hin get extra doe for car

Cutonu to take over

Tokunbo car ti takeover

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.

And yet they said we are out of recession..... # may sense fall on Apc

Ok

Bigajeff:
Tokunbo car ti takeover

When corolla dey cost 24m nko. Una papa

Abeg ma go eat come back

Na government and some private companies dey buy 80% of the 10000 units sef

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.

im bringing a bullet for anybody that ever did anything to me

The drop in sales of new cars in the country is not surprising considering the harsh economic condition

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.

Bede2u:
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

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.

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

Bede2u:
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

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

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

Bede2u:
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

60% How? He brings in complete knocked down vehicles to his assembly plant

vertueptime:


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

bigass:



60% How? He brings in complete knocked down vehicles to his assembly plant

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

coldsummer:


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

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

Bede2u:
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

Rubbish.......A to Z

luxy44:


Rubbish.......A to Z

why is it rubbish?

TheKingIsHere:
All thanks to the dullard and monumental failure called Buhari .

LMAO!

Bede2u:
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

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