Yet to see a sector that is not in a mess in this country(with exception to corruption sector,seems to be the only booming sector at the moment)... Smh pathetic

dadabashua1:
Yet to see a sector that is not in a mess in this country... Smh pathetic

banking sector is solid. oh and stock exchange and pensions. entertainment is solid.naija music done took over the world

atobs4real:
They have promised to reduce the clearing or vehicles from 35% to 5%. Wait you shall see

When was that announced? It will be good if and when implemented.

Oftentimes the cost of bringing in certain vehicle into Nigeria gets closer to the cost of buying the vehicle itself abroad that one prefers to drive Innoson against one's wish.

https://www.nairaland.com/5763326/like-yourself-better-buy-car/1#96462349
Some months ago, when I was advising people who were interested to buy car to buy as quickly as possible, some people were insulting me. Una eyes don dey clear small small bah?

Ko easy at all. We're at the mercy of God.

lekki1444:
bros make we talk na. i dey look real estate for ibadan. is bodija still as posh as it once was ?

I don’t have play in high dollar real estate in Nigeria so I’m not really sure.

There are posher estates now like Iyaganku GRA. As an example.

Openbusiness:
https://www.nairaland.com/5763326/like-yourself-better-buy-car/1#96462349
Some months ago, when I was advising people who were interested to buy car to buy as quickly as possible, some people were insulting me. Una eyes don dey clear small small bah?

Yeah. I remember. $ was hovering at 400-420 then

Cars that are regarded as garbage is what my country dishes out millions to purchase.



Irony of a failed state

lekki1444:
banking sector is solid. oh and stock exchange and pensions. entertainment is solid.naija music done took over the world

Entertainment is booming... U Don ever enter cinema for your life?
Music is booming: really this contributes to Nigeria's GDP?

Banking and stock: dude have you gone mad?

tonididdy:
Cars that are regarded as garbage is what my country dishes out millions to purchase.



Irony of a failed state

Any choice? That where we've found ourselves

EgunMogaji2:


I don’t have play in high dollar real estate in Nigeria so I’m not really sure.

There are posher estates now like Iyaganku GRA. As an example.

ahhh nice one bros. So what can 10 million naira get in ibadan ?bungalow ? am asking for a friend who wants to return home from bulgaria

tonididdy:

Entertainment is booming... U Don ever enter cinema for your life?
Music is booming: really this contributes to Nigeria's GDP?

Banking and stock: dude have you gone mad?

yeah entertainment is booming, all our musicians are getting grammys and selling all over the world.davido whizzkid burna boy rema etc etc and yes music contributes to our GDP. banking is solid bro and stocks yes

Trustme2:
The recent weeks has seen a drastic increase in the exchange rate of Naira to the Dollar which make business quite challenging.

This is moreso that prices of vehicles are determined by Dollar-Naira exchange rate. Within the month of November alone we have seen the Dollar going from N460-N487 as at today.

This is not likely to come down owing to the appraoching festivities in December. The last few months have also seen a maginal increase in the prices of both Tokunbo and Nigerian Used cars and customers no wan hear say price of cars increase, the insult no be here.

So how are you all coping and what strategies do we use to navigate this trying times?

Have stop shipping goods into Nigeria for now.. Dollar go reach $1 to 600Naira very soon .. There is no way around it .... Good luck to eveyone out there

Well said.

chukel:
everything you typed here reeks of ignorance. To start with, the slash on import duty for vehicles has not been implemented. The man selling his nigerian used car, sells to probably buy a foreign used car. If foreign used price goes up, its normal economics for price of the Nigerian used to go up. Cos his purchase power needs to be higher in the price increasing market. Finally, go to foreign sites like cars.com or carsforsale.com and see the prices of 2006 vehicles. Then get back here and tell us if a 2006 for $3000 is obtainable in saner clime.

adonainana:
Nigerians are greedy people
Yes dollar has increased but surely the levy import levy on imported cars has been slashed. So how come the effect can’t and won’t be seen by people buying tokunbo cars

Nigerians are greedy people and would exploit any situation. Any price of anything that goes up in Nigeria through chance, luck or pure economics never goes back down when every parameter has been fixed

Tokunbo cars aside, let’s say it cost 1.5million to import a tokunbo Toyota Camry 2009 to Nigeria. And the seller wants to make his own profit and sells for 1.9 million

Please what about used Nigerian cars, how come all of a sudden it is now expensive, like which part of forex deals with Nigerian used cars that has been used on Nigerian roads.

Too much greed in this country and sometimes if you say too much, people would be like if you can’t afford it, shift and same people want corruption to end, sars to end, nepotism to end. Like una never serious yet

Finally this country is a time bomb, imagine sellin a 2006 car for $3,000 (1.4 million )

Imagine a 14 year old car that the Oyimbo manufacturers have even forgotten they made 14 years ago still selling for millions in a third world country that produces nothing of its own and only imports everything to sustain its lifestyle smh

Not all are greedy. The slash in customs duties hasn’t been implemented yet. As a car dealer, it is hard to buy a vehicle and sell as what you are offered is no way close to what it costs to import cars.
Before about 2 years ago the cheapest I could sell a certain is 900,000 now even with 1.1m that would be a loss for me

iamDrRhymes:
I thought the federal government has reduced import fees for vehicles from 35% to 5%? Just asking please.

They are only planing to reduce the levy, which is only new cars paying. 35% duty plus 35% levy is what new cars paying now.
Tokunbo cars only pay duty 35% without the levy and FG didn't say anything on reducing the duty of used cars but reduce for tractors and vehicles for transporting goods.

atobs4real:
They have promised to reduce the clearing or vehicles from 35% to 5%. Wait you shall see

They are only planing to reduce the levy, which is only new cars paying. 35% duty plus 35% levy is what new cars paying now.
Tokunbo cars only pay duty 35% without the levy and FG didn't say anything on reducing the duty of used cars but reduce for tractors and vehicles for transporting goods.

chrisifeanyi:
No be small thing. I dey pity dem. Please I need foreign used Lexus RX 350 2009. It must be very neat with good title

E full grand

lekki1444:
yeah entertainment is booming, all our musicians are getting grammys and selling all over the world.davido whizzkid burna boy rema etc etc and yes music contributes to our GDP. banking is solid bro and stocks yes

I'm not your bro.
Please explain how burna boy and wizkid music reduces prices of Garri in the market.
Are you alright like this?

pedrilo:
i have been saving to buy a car since january 2020
every since then, d price of car keep increasing in value due to d weake naira

Save in dollars. Learnt my lesson in 2015

calculusx:


In January 2020, 2007 Camry LE was sold for 2.1m, the same Vehicle now sell for #2.7m. It's very hard to stay afloat in this business. It is well in the well

Offered a close friend a 2008 camry sport for 2.3m during the lock down and he said it was too expensive and that he will wait for price to come down. I told him with the forecast I had, prices will definitely go up but he thought it was just me trying to scare him to buy. Today, he's looking for camry le and I'm offering him for 2.650m and he's still complaining of high price when some people are already selling same for 2.7,2.8m.

The dollar u r even trying to purchase can only be done through informal sector.
You have dollar in ur account but u can't wire abroad. Pay naira to an acct here they help pay in dollars abroad.

The informal sector has been the lifeline of many businesses.

tonididdy:

I'm not your bro.
Please explain how burna boy and wizkid music reduces prices of Garri in the market.
Are you alright like this?

bro this how it works, these musicians bring billions of naira of investment into the country. because of whizzkid and davido and burna boy many americans and british are coming to nigeria as tourists. thats easily a billion plus naira industry. go to the island it is full of young americans spending cash who came to see burna boyy and rema and davido and whizzkid. its booming. especially this detty december ? brother stop bbeing ignorant. educate yourself. this is 2020 bro, ignorance is no longer cool

The issue is the present world macros doesn't favour any country that is suffering from Dutch disease like Nigeria. The only difference would have been a better approach to handle the scenarios and also internationally savvy economist should be at the helms of affairs with a good leader that have the body language to attract FDIs.

It is not Buhari's fault that Shale oil production triggered the gradual oil decrease, Russia and Saudi Arabia oil price war and the Covid 19 which worsen the whole thing. However, it is his fault in not being proactive to select Ministers who can drive good financial policies under his administration. The head of the monetary arm who even should know better went political with his decisons to get a second term in office. In essence FG killed an already worsening situation with bad decisions.

The future is bleak in the interim, why? Dishonest BDc guys are raking in millions per week from benji price arbitrage hence the temp hoarding of the dollar thus inflating greater price disparity to the unofficial retail segment consumers. Future exciting research on alternatives to oil fueled machines is also not going to help and with a president whose body language is not attractive to woo foreign Investors will not spur more FDIs into Nigeria at the moment.

Personally, on the direct issue of car buying abroad, two factors will eventually ease the price if implemented by FG, the slash of the levy attached to car import from 35% to 5% when added to car import duty of 35% will make it 40% instead of hitherto 70%, thus making port clearance less expensive. People will rather choose to buy more accidented cars abroad. Also, the reopening of the Nigerian border will also ease price though i guess this will be through more smuggler activities.

blackedwin:
2013 Toyota Camry SE 4.65M hit me if you're interested. Cheers

Location?

starpower:

Save in dollars. Learnt my lesson in 2015

thank you very much.
i have family members in europe and america.
it's time to make some cool cash wit dat opportunity

2cribz:
Everyone is greedy. A toks camry 04 goes for 1.6m,a greedy naija used wants to sell for 1.5m.
A toks infinity gors for 1.7 to 2m max.
A greedy naija seller wants to sell his registered for 1.5m.
A toks 03 4runner gors for 2.2m a greedy thief wants to sell registered for 1.8m.
A toks eod goes for 1.4m, a thief wants to sell for 1 2m registered... corola toks 1.6,greedy thief wants to sell for 1.5m
Benz c230,c240 03 04 05 model goes for 1.6m max
A thief wants to sell for 1.3m

Ml 350 06 07 goes for 2.8m max. A thief wants to sell for 4m as toks,while registered also wants to sell for 3m.
There are so many greedy thieves on jiji,nairaland,cars45,name it my bro. Everyone na thief

Some of you just have a special way of saying stupid things confidently without even thinking if what you say is making sense or not. Exchange rate has made prices of toks go up and as such, a lot of people are looking into Nigerian used. What this means is 2 things. 1. The demand of Nigerian used goes higher which makes price go higher as the supply of the Nigerian used is not so much. 2. The people selling Nigerian used are selling to buy Toks of newer models. They obviously would try to squeeze out something reasonable from their used ones so the money they would add to it to get the Toks, won't be too much. Example : Mr A wants to sell a used 04 Camry for 800k to buy muscle for 2.1m. He finds out that muscle is now selling for 2.7m. He's forced to increase the price he wants to sell his Nigerian used due to the astronomical increase in the difference between what he budgeted for before. It's not his fault that the price of toks went up.

Teewhy2:
2010: Toyota Corolla 2003 sales price in nigeria 1.3 million
2020: Toyota Corolla 2003 sales price in nigeria 1.7 million.

same product and manufacturing date more expensive 10 years after( Do they mean the older the more expensive)

Car that dealers are buying at 1.850m from me to resell.

chronique:


Some of you just have a special way of saying stupid things confidently without even thinking if what you say is making sense or not. Exchange rate has made prices of toks go up and as such, a lot of people are looking into Nigerian used. What this means is 2 things. 1. The demand of Nigerian used goes higher which makes price go higher as the supply of the Nigerian used is not so much. 2. The people selling Nigerian used are selling to buy Toks of newer models. They obviously would try to squeeze out something reasonable from their used ones so the money they would add to it to get the Toks, won't be too much. Example : Mr A wants to sell a used 04 Camry for 800k to buy muscle for 2.1m. He finds out that muscle is now selling for 2.7m. He's forced to increase the price he wants to sell his Nigerian used due to the astronomical increase in the difference between what he budgeted for before. It's not his fault that the price of toks went up.

Or in this scenario, someone buys a car for N2.3m six months ago and wants to sell it to raise cash for a project or to upgrade and you expect him to sell at N1m all because a plate number is on it registered? Things don't work the way some people think my brother. Let's just keep coping with all of them with their little knowledge of how these things work

Very soon the night season will be OVER