-2.1 C
New York City
Thursday, December 8, 2022
Home NEWS Nigeria Nigeria: Vehicle Imports Drop By 80% in 6 Months

Nigeria: Vehicle Imports Drop By 80% in 6 Months

[dropcap]T[/dropcap]he nation’s current FOREX regime worsened by the recession is taking its toll on volume of vehicles imported into the country and so having negative effects on the Nigerian Ports.

2016_09_08_47779The Operations Manager, Ports and Terminal Multiservices Ltd., Mr. Jack Angrish, who gave the indication to the News Agency of Nigeria (NAN) on Saturday, stated that the unstable and high cost of the dollar over the Naira has discouraged “vehicle trade as many vehicle seats remained empty.”

According to him, “Vehicle imports have reduced from 30,000 to 6,000 in the last six months with the attendant problem of loss of jobs by terminal officials. Many vehicle seats are empty and this is the last quarter of the year.”

“It is very unfortunate,” PTML Manager lamented, “that the loss of Nigeria in terms of revenue on vehicle imports has continued to be the gains of the neighboring ports,’’ adding that while Nigeria continues to suffer from car smuggling, Ports of Cotonou (Benin Republic) and Lome (Togo)have continued to rip the benefits.

Angrish, therefore, advised businesses to begin to look inward and improve on available resources and opportunities so that Nigeria could be insulated from unexpected fluctuations of the dollar.

“This is the time for vehicle business operators to pool their resources together to facilitate domestic manufacturing,” he added.

©Copyright MOTORING WORLD INTERNATIONAL.
All rights reserved. Materials, photographs, illustrations and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior written permission from Motoring World International

Contact: editor@motoringworldng.com

Most Popular

Volkswagen CEO to Present Software ‘Reality Check’ To Board

Volkswagen's (VOWG_p.DE) CEO will outline a new software and vehicle platform strategy to the carmaker's supervisory board on Dec. 15 as he tries to...

Toyota Set for 2023 Dakar Rally With Three-Car Team

TOYOTA GAZOO Racing is set to take on the 2023 Dakar Rally with a three-car team early in January. The defending champions, Nasser Al-Attiyah and...

New Fully Electric Volvo C40 Recharge Heads for South Africa

The new fully electric C40 Recharge is scheduled to join Southern Africa’s range of electrified vehicles in the first half of 2023. Offering many of...

Hyundai IONIQ 5 Wins Car of the Year Award

The 2022 Hyundai IONIQ 5 has earned Esquire’s Car of the Year this month, adding another coveted award to its growing trophy case. Every year, Esquire editors drive and...
%d bloggers like this: