Auto dealers operating in the country have said the sale of new vehicles has reduced significantly by 48% between January and September 2017. According to data gleaned from Toyota Show, auto companies have sold a combined 7,000 unit between January and September, compared to 14,500 units within the same period last year.
The Managing Director of Toyota Nigeria, Kunle Adeojo who stated this during his quarterly briefings held in Lagos said his company's share of the market was 22% although he expressed optimism that it would reach 24% before the end of the year.
“I say this because of the easing that we are beginning to see. If you look at the ratio sales of vehicles; 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 would help improve productivity of their businesses. As economy improves, so will there be balancing of sales across the models and vehicle segments. A more realistic growth will be experienced next year. However, there are risks. As 2018 budget is signed into law, we might begin to see some marginal activities in businesses. As we are doing that there will be an improvement generally”.
