Vehicle Imports Reduce From 30,000 to 6,000 in 6 Months

car imports
  • Vehicle Imports Reduce From 30,000 to 6,000 in 6 Months

The current unfavourable forex regime has continued to reduce the volume of vehicles imported through the Nigerian ports, the Operations Manager, Ports and Terminal Multiservices Ltd., Mr. Jack Angrish has said.

Angrish stated that the unstable and high cost of the dollar over the naira did not encourage “vehicle trade as many vehicle seats remained empty.”

Angrish told the News Agency of Nigeria on Saturday in Lagos that “this is the time for vehicle business operators to pool their resources together to facilitate domestic manufacturing.’

He commended the courage of the management of LADOL Ltd., for thinking in that direction and urged others to support the company’s vision.

According to him, the country will be insulated from the unexpected fluctuations of the dollar if businesses begin to look inward and improve on available resources and opportunities.

“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 that the loss of Nigeria in terms of revenue on vehicle imports has continued to be the gains of the neighbouring ports of Cotonou (Benin Republic) and Lome (Togo),’’ the PTML manager said.

He added that cars were being smuggled into Nigeria and the revenue was going to ports of Cotonou and Lome.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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