The automobile sector of the economy is yet to fully recovered from the economic downturn that plunged sales in the industry.

According to the Managing Director, Toyota Nigeria Limited, Kunle Ade-Ojo, a total of 7,000 new vehicles were sold in the third quarter of 2017, representing 48 percent decline from 14,500 units sold in the same period in 2016.

“As of the end of the third quarter of the year, the vehicle sales were 7,000 units compared to about 14,500 last year, which is a drop of about 48 per cent in sales.”

However, the managing director said there is a slight improvement in importation in the third quarter when compared with the first quarter of the year when about 90 percent decline was recorded.

“From the importation point of view, there is a slight improvement because in the first quarter, we had about 90 per cent drop, but as of the third quarter, the drop had reduced to 62 per cent.”

Four years ago, the Nigerian Automotive Council had given 50,000 as the annual figure of new vehicles sales in the country against about 500,000 for used vehicles.

But the drop in the Naira value against the US dollar and the surged in import duty from 22 percent to 70 percent weighed on business activities in the industry and plunged sales and importation/assembly.

The economy recovered from the first recession in almost 25 years in the second quarter, after contracting for five quarters. Suggesting that recovery is not broad-based and certain industries are still struggling to tap into the renewed business confidence and surged in economic activities in the country.

According to Ade-Ojo, “Most sales were more of commercial vehicles. In 2018, we hope to see a bit of balancing with the recovery of passenger vehicles. This year, a lot of companies were very careful because of the economic recession. They buy vehicles that will help improve productivity of their business.”

“As the economy improves, so will there be balancing of sales across the models and vehicle segments.”

Toyota Nigeria has the largest market share in the automobile industry as of the third quarter of 2017. The company projected an increase of 2 percent from current 22 percent to 24 percent in 2018.

http://investorsking.com/new-vehicle-sales-drop-48-in-q3/

Vehicle na food? No bi person way get money to buy food and satisfied hinsef go buy Car?

Money no dey

Buhari is a bastard

M

Nothing good comes out of buhari

In 2014 I can comfortably buy tokunbo venza for 4million but now na 2x

I'm sure if the statistics were extended to include sales of "Tokunbo" vs. "Nigerian-used", all indicators would show that even the sales of tokunbo has dropped significantly. The market for locally used cars is now booming like never before.

When I went to Berger auto market in March to get my SUV (tokunbo), I spent about 8 hours looking around for a good choice before I eventually got one. One thing I observed was that throughout the 8 hours I spent walking around the whole market and pricing different options, I didn't come across a single person who was also pricing cars. If there were at all, that means they were too few going by the size of that market. That was when it dawned on me that the economy is really grimacing.

Okay

Buharii the Babarian

Bad economy.

Before Buhari overthrew Shagari on an unneccessary coup in 1984 Nigerians had never heard of the words second hand car but in just 18 months of his purposeless leadership 98 percent of Nigerians became destined to drive only used cars when they could affford one , this trend will go on for decades till Nigerias economy improved again under the PDP where when the middle class bounced back and many including myself could smell what a new car smelt like then we went back and voted the useless Buhari again and over night we are back to the days where 98 percent of Nigerians can not afford new cars again so bad that yesterday i saw someone import in a used Chinese GAC car which i recorded as another low because just 3 years ago Nigerians were laughing at GAC cars and today they are importing used ones ...The lesson in my story is that nothing good can ever come out from a Buhari leadership so we should make sure this is his last tenure if we are ever to wish for thegood life again

Ok

One word. BUHARI OOOOOOOOO

After reading, I still didn't understand what the article is all about neither do I know what to type.

jerflakes:
Money no dey
Buhari is a bastard

Jonathan increased the excise duty not Buhari so don't kill yourself

Thanks to the dullard and his poverty inducing policies.

The economy has been so messed up in this administration that individuals hardly find money to buy "Tokunbo" vehicles let alone Brand New ones. Even buying out Naija used cars is even a daunting challenge for regular folks.

Bulk of the purchases are definitely from government agencies and big commercial companies.

It has never been this bad.. hopefully we wouldn't get it all wrong again in 2019.

Abeg make the price keep dropping oo. Price of cars too much. Imagine that small tokunbo toyota corolla been sold at 2 milli+

Wetin concerns the poor Nigerians?

Come for your website design (WhatsApp: 0-8-1-3-0-7-6-7-3-5-7)

jerflakes:
Money no dey

Buhari is a bastard

Leave buhari alone and thank God for ur life..
That keep u alive from Jan. Till date..
Nigeria govt. Don't care about we masses..

So keep hustling one day baba God will pick ur call @least u go forget this buhari of things

CHANGE!!!!!.... That's what APC promised Nigerians. You're experiencing it! In Lie Mohammed's voice... Promise kept!!!

Where

Ok

rubbish


people are talking surviving buhari and his useless policies


your talking new plastic

Is he talking about Toyota cars which he sells? Or does that include other brand of cars? Cos if you ask me, it's not possible to have a sale of only 7000 brans new cars in a country of nearly 200m people. Na so we poor reach?

Apparently we are still in recession.... wedding MC

SalamRushdie:
Before Buhari overthrew Shagari on an unneccessary coup in 1984 Nigerians had never heard of the words second hand car but in just 18 months of his purposeless leadership 98 percent of Nigerians became destined to drive only used cars when the could affford one , this trend will go on for decades till Nigerias economy improved again under the PDP where when the middle class bounced back and many including myself could smell what a new smelt like then we went nack and voted the useless Buhari again and over night we are back to the days where 98 percent of Nigerians can not afford a new again so bad that yesterday i saw someone import in a used Chinese GAC car which i recorded as another low because just 3 years ago Nigerians were laughing at GAC cars and today they are importing used ones ...The lesson in my story is that nothing good can ever come out from a Buhari leadership so we should make sure this is his last tenure if we are ever to wish for thegood life again

Your article is partisan

it doesn't matter. the country is upside down.

Only 7000 cars from Toyota? The country is sinking like titanic

It doesn't change the condition of the country

In other words

contact for your different breeds of rabbit at an affordable price